PayPal adds new crypto services including transfers to other wallets

Payments firm PayPal has rolled out new functionalities for users of its crypto app.

The changes, announced this morning, allow users to transfer crypto between PayPal and other wallets, and come in response to customer demand.

Users can now send supported tokens — bitcoin, ether, bitcoin cash and litecoin — to external addresses, including those linked to exchange accounts and hardware wallets. They can also now use PayPal to send crypto to other users of the app. The move is reminiscent of the way Revolut, the neobank, expanded its own crypto offering in May of last year. 

PayPal also said in its announcement that it has been granted a full BitLicense by the New York Department of Financial Services (NYDFS), converted from a conditional version of the license.  

“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto and digital currencies at PayPal, in a statement. “We’re excited to connect PayPal’s customers to other wallets, exchanges and applications, and we will continue to roll out additional crypto features, products and services in the months ahead.”

In April, PayPal CEO Dan Schulman said on a quarterly earnings call that the company would “double down” on efforts to grow its digital wallet. Earlier this year, the firm said that it is exploring the development of a stablecoin backed by the US dollar, confirming earlier reporting by The Block.