For a while now, PayPal has allowed users to “buy and sell” select cryptocurrencies within the online payment platform. However, in June 2022, the company announced that users can now transfer their cryptocurrencies purchased on PayPal to other digital wallets—including their ain non-PayPal Wallets.




So, what does that mean for users? What does it hateful for PayPal? What does information technology mean for cryptocurrencies?


Y’all Can At present Send Crypto on PayPal

“PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” PayPal’s SVP and GM of crypto and blockchain Jose Fernandez da Ponte said, announcing the update. “This feature has been consistently ranked by users as one of the most requested enhancements since we began offer the purchase of crypto.”


Allowing PayPal customers the flexibility to motility their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and inside our PayPal platform reflects the continuing evolution of our all-time-in-class platform and enables customers to collaborate with the broader crypto ecosystem.

The release, dated June vii, 2022, said the characteristic was available starting that day. Every bit of this writing, buttons described in the release and in video tutorials created by PayPal have notwithstanding to materialize on the desktop interface and mobile app. It’southward likely that the feature is still rolling out and will be available soon if you don’t have it already.




How to Transfer Cryptocurrency on PayPal

Get-go, navigate to your crypto folio within your PayPal business relationship. Depending on whether you’re using the desktop interface or the mobile app, this can await a little different. Once yous’ve found the PayPal portion of your business relationship, the rest of the process is the same no matter how you’re accessing the platform.

How to Find Crypto on PayPal

If you’re on the desktop mode, there’s a modest Crypto icon beneath the Ship icon on the main page after logging in. You can also select the Finances tab from the toolbar at the top of the screen.



The main dashboard for a PayPal account on desktop


If yous’re on the mobile app, the crypto portion of your account gets a large button at the top of the screen next to your balance. Tap that button to go started.






How to Transfer Crypto on PayPal

Each cryptocurrency that PayPal supports has its ain button. Tap the push for the cryptocurrency yous desire to interact with to open a new screen with information on that cryptocurrency, including the recent marketplace price and a graph of contempo activity.


In the original PayPal crypto interface launched in 2021, the simply buttons were Buy and Sell. The new interface has a Transfer button with arrows on it. Tap this push to open up the Send and Receive options.




The Receive button generates a QR code to the wallet for that cryptocurrency inside PayPal. The Ship push button allows y’all to enter or scan a wallet address.


The really interesting affair about this is that information technology works with not-PayPal wallets. This opens upwardly the network and allows users to use PayPal to purchase cryptocurrency and and so send their crypto to another account they use.

Why would someone practise this? Considering PayPal is easier to apply than a lot of other exchanges. And, bringing crypto onto PayPal may get more people interested in it though they may now want to keep their crypto elsewhere.




Is PayPal a Crypto Wallet?

This is a tricky question. PayPal’s initial crypto arroyo was more like a cryptocurrency exchange than a cryptocurrency wallet.


A cryptocurrency wallet allows you to hold a cryptocurrency, where once you bought crypto on PayPal, PayPal held onto it for you until y’all sold it. So, you could invest in crypto, but yous didn’t actually ain it. Now that y’all can actually use the crypto you buy on PayPal to pay for things, it’south starting to act a lot more like a real crypto wallet.


What Kind of Wallet Is information technology?

The question gets fifty-fifty more complicated. If we make up one’s mind that PayPal is at present a crypto wallet, what kind of wallet is it?


The release announcing that you lot can now transfer cryptocurrencies on PayPal didn’t say anything near giving up keys. That ways that PayPal is (at to the lowest degree for now) what’s chosen a “custodial wallet.” Custodial wallets concur onto your keys which means that the custodian has more control over your account but as well that you can’t lock yourself out.



An Interesting Move from PayPal

Some people will exist excited about this move. Some people will chant “not your keys, not your coins” and keep avoiding PayPal’s crypto offerings. Only this is really just an evolved form of the company’s original crypto approach: an interesting fashion to get new people more than interested in new tech through the tech that they already know and apply.