PayPal is finally allowing users to move their cryptocurrency to other wallets

Users of the payment service will now be able to transfer money from their accounts to other accounts.

"This feature was the most demanded from our users since we began offering the purchase of digital currency on our platform," said Jose Fernandez da Ponte, the general manager of digital currency atPayPal.

It will be possible to transfer supported coins into PayPal, move the coin from the app to an external address, and send it to other users in a matter of seconds.

Customers are responsible for network fees when they conduct external transfers that depend on the Blockchain. There are no fees for internal transfers between the two companies.

If users want to consolidate their funds, they can use external addresses to do so. They can also send money to people in the system.

In October of 2020, PayPal gave its users the ability to buy, sell and hold tHe digital currency. Checkout withCrypto, a feature that allowed consumers to check out millions of online businesses using cryptocurrencies, was launched in March of 2021. The partnership with Paxos and the acquisition of Curv were two of the investments that expanded that feature. The ability to transfer was going to be offered by Fernandez da Ponte.

Users who want to do more with their digital assets are the ones who will benefit from this conversion. We see ourselves as a conduit between the two environments. We are making it possible to connect to other applications.

If the company wanted to keep up with the continued adoption of cryptocurrencies, it would have to give its customers the ability to move their assets outside of and within the company.

Despite the recent turbulence in the space, Fernandez da Ponte said that PayPal is moving in this direction.

The move shows we are in this for a long time. It is important to keep investing in the space.

The new function is only available to users in the U.S., and for security reasons, it has implemented an additional identity verification process for users. Beginning today, select U.S. users will be able to do so, as well as other eligible U.S. customers, who will be able to do so in the coming weeks.

The New York Department of Financial Services approved the transition from a "conditional" BitLicense to a "full" one for eBay's payment service.

The New York Department of Financial Services is committed to keeping New York at the center of responsible technological innovation and forward looking regulation.

I launched my weekly newsletter on May 1st. It will be in your inbox if you sign up here.