PayPal is now allowing customers to directly transfer, send, and receive digital assets between its platform and other wallets and exchanges.
The new Paypal service is available to a limited number of U.S. customers as of Tuesday, with the feature expanding to all qualified U.S. users in the coming weeks. Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) are the first coins to be supported (LTC).
Customers who deposit cryptocurrency into PayPal can now use Checkout to spend it at millions of merchant terminals. The New York Department of Financial Services has granted the corporation a full Bitlicense for the activity.
To begin transferring coins, users would just need to log in to their accounts and go to the crypto portion of the app. Before the procedure, users are usually requested to perform a one-time ID verification.
Transfers to receivers outside of PayPal’s platform will be charged a network fee depending on their blockchains, but transfers between PayPal customers will be free. Each transaction into one’s PayPal account produces a new recipient address to safeguard users’ anonymity with incoming transfers being free of charge.
To expand its digital presence, the company is also seeking to integrate other types of cryptocurrency services, such as central bank digital currencies.
It’s also looking towards creating its own stablecoin, nicknamed “PayPal Coin.” A developer discovered indications of a stablecoin in the source code of the company’s iPhone app, which led to the revelation.
