Send and receive select cryptocurrencies using PayPal. Source: PayPal
PayPal announced Tuesday that users can now transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on its platform. Users can transfer their digital assets between PayPal users, external wallets, and exchanges.
According to the press release, only select U.S. PayPal users can take advantage of the new feature for now, but the company said it will be available to everyone in the U.S. in the coming weeks.
Additionally, users who transfer their digital assets from an external wallet or exchange into PayPal are then able to use them for purchases. Choose the “Checkout with Crypto” option when shopping with eligible retailers to use crypto to fund the transaction.
To transfer crypto from an external wallet to PayPal, users need to navigate to the cryptocurrency section of the PayPal app and choose which asset they’d like to transfer.
From there, users can select “receive” and complete the required ID verification steps. Afterward, place the unique PayPal address into the external wallet you’re sending the crypto from, and initiate the transfer. Just be sure to double-check that the address is correct. An incorrect address will result in the irrecoverable loss of the coin you’re trying to send.
PayPal’s wallet address is unique, meaning a new one is generated each time you want to transfer a coin to PayPal. And while PayPal won’t charge a fee for transferring tokens, keep in mind network fees will still apply.
Users can send Bitcoin, Bitcoin Cash, Ethereum, and Litecoin to external wallets using the same steps. Just choose “send” rather than “receive” and you’re good to go. Similarly, use the same “send” button to transfer crypto to other PayPal users within the app. According to the company, transferring digital assets between PayPal contacts won’t incur any fees.
That means if you want to send ETH to a friend, you won’t have to worry about high gas fees so long as you keep the coin within PayPal. Getting Ethereum into PayPal, however, will incur network fees.
“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem,” the company said in the press release.