PayPal recently announced that it is introducing support for native transfer of cryptocurrencies between PayPal and other wallets and exchanges following user demand.
This means that thousands of people across the continent who receive pay for global gigs can get their funds to PayPal in crypto, even if their payers don’t have PayPal. Moreover, the new support means that users can send their cryptocurrencies from PayPal to other crypto addresses.
The global payments company also listed the process users can follow when sending crypto to their PayPal wallet. It is a simple process taking just 3 short steps:
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Choose the Coin You Want to Transfer
Once logged into PayPal, enter the crypto section of your application and choose the coin you want to transfer.
The supported currencies for the service so far are:
- Bitcoin Cash
Click or tap the transfers button, which looks like: , then select ‘Receive.’
Verify Your ID
Complete any additional ID verification steps. This process is generally only required once per user.
Enter External Crypto Address
You’ll need to enter an external crypto address if you want to transfer cryptocurrency out of your account. Here you have three options:
- Copy and paste an address
- Manually enter it, or
- Scan a QR code by tapping the QR code button to the right of the Search Box.
Confirm the external transfer.
PayPal has issued a word of caution for those transferring crypto to/from other wallets:
- One is to check the destination address carefully and ensure that it is of the same type (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) as the coins you are sending
- You are also urged to pay particular attention when sending crypto to unfamiliar addresses
- And finally, as regard fees, the platform says it will provide an estimate of your network fees on the confirmation screen
NB: Users sending cryptocurrency outside of PayPal will incur a Network Fee, also known as the Blockchain Network Fee. This is not a PayPal Fee. This fee is generated depending on network congestion and other factors and may fluctuate.