PayPal Obtains Full Crypto License and Opens App to Transact with Other Crypto Wallets

The BitLicense is a crypto regulation regime targeting virtual currency operators in the state of New York,  and is mandatory for any businesses that custody customers' crypto for them. 

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In a blog post, PayPal said it will now support the native transfer of cryptocurrencies between PayPal and other wallets and exchanges following user demand.

The new functionality, said to be rolling out to all eligible U.S. customers in the coming weeks, 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

PayPal also said it had been granted a full BitLicense by the New York Department of Financial Services (NYDFS), which reflects its commitment to crypto offerings.

The BitLicense is a crypto regulation regime targeting virtual currency operators in the state of New York,  and is mandatory for any businesses that custody customers’ crypto for them. 

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According to PayPal, customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using its ‘Checkout with Crypto’ product at millions of merchants outlets.

The supported currencies for the service so far are:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • LiteCoin

PayPal opened up its platform to enable users buy and hold cryptocurrencies in October 2020 resulting in a massive spike in the value and demand for bitcoin. In early March 2021, the company acquired the digital assets security firm, Curv, in a deal thought to be worth $200 million.

One of the more significant crypto efforts by PayPal was the news in January 2022 that it was exploring the launch of a stablecoin called ‘PayPal Coin.’

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RECOMMENDED READING: PayPal is Exploring the Launch of a Stablecoin

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