Online payment service giant PayPal announced that it will open the “cryptocurrency withdrawal function” from now on, allowing some US users to transfer bitcoin (BTC), ether (ETH), bitcoin cash (BTC) between PayPal and other wallets and exchanges. BCH) and Litecoin (LTC), there is no need to pay withdrawal fees, and the entire transaction process only needs to pay network fees.
In addition to allowing users to withdraw cryptocurrency to third-party exchanges, addresses and hardware wallets, this new feature also allows users to deposit cryptocurrency into their PayPal account and send cryptocurrency to other PayPal users Friends and family, there are no fees or network charges for internal transfers.
The feature is initially only available to select US users and will expand to all US customers in the coming weeks.
PayPal noted that the feature has been the most anticipated feature by users of the cryptocurrency service.
PayPal officially provided cryptocurrency buying and selling services in November 2020, and opened cryptocurrency payment services in March 2021, but it has been slow to support third-party wallet transfer functions, and does not accept external transfers. PayPal users cannot even send encrypted messages to each other. Currency, so it has been criticized as a “closed system” and “not selling real cryptocurrencies”.
It wasn’t until May last year that Jose Fernandez da Ponte, the head of PayPal’s blockchain department, revealed that a “cryptocurrency withdrawal feature” was in the works, in other words, the feature took at least a year to develop.
PayPal, which is working to expand its cryptocurrency services, acquired cryptocurrency custody firm Curv in March last year and is considering a stablecoin . Last September, CoinDesk, citing people familiar with the matter, said that Curv was actively developing PayPal Coin, which would be backed by U.S. dollars.