PayPal supports cryptocurrency transfer

PayPal supports cryptocurrency transfer which allows users to send and receive crypto assets. PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.

This feature has been consistently rank by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.

Available now to select U.S. users¹ starting today and rolling out to all eligible U.S. customers in the coming weeks, this new functionality lets PayPal customers:

• Transfer supported coins into PayPal.
• Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets.
• Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.

Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within the PayPal platform reflects the continuing evolution of the best-in-class platform and enables customers to interact with the broader crypto ecosystem.

Customers who transfer their crypto into PayPal can extend the utility of their crypto. By spending using our Checkout with Crypto product at millions of merchants.

PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bitlicense into a full Bitlicense – signaling our commitment to responsible innovation and expanding the accessibility and utility of digital currencies while fully complying with regulatory guidelines and best practices. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system.

Transferring crypto into PayPal from an external wallet or exchange

1. Once logged into PayPal, enter the crypto section of your application and choose the coin you want to transfer
2. Click or tap the transfers button, which looks like this: then select “Receive.”
3. Complete any additional ID verification steps. This process in general requires once per user.
4. Share the unique address with the sender or input it into the third-party crypto app you are sending from. We recommend you use the QR code or cut and paste the address directly to avoid mistakes. If you are entering the address manually, please double-check that it is correct. Neither PayPal nor your sender will be able to recover coins sent to a mistyped address.

Furthermore, the wallet address is created only for the coin you select, not your PayPal account. To help protect your privacy, Paypal generates a new “Receive” address each time you want to send crypto to your account. PayPal does not charge fees to transfer crypto into PayPal, but network and sender fees may apply. Processing times vary.

ABOUT PayPal
PayPal is one of the largest online payment transfer platforms globally, serving more than 200 countries in 25 currencies. Its long history, the wide breadth of features, secure payments, and ease of setting up an account give it an advantage over competitors like Venmo, Apple Pay, and Stripe.

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