What is PayPal & how does it work?

Online payment service PayPal allows you to transfer cryptocurrencies in and out of the platform. This feature launched in August 2022; before then, users could buy, sell and hold crypto with PayPal but not send coins to other users or crypto wallets.

Is PayPal a cryptocurrency wallet?

This is a tricky question. PayPal's initial crypto approach was more like a cryptocurrency exchange than a cryptocurrency wallet. A cryptocurrency wallet allows you to hold a cryptocurrency, where once you bought crypto on PayPal, PayPal held onto it for you until you sold it. So, you could invest in crypto, but you didn't actually own it.

How do I send crypto from PayPal?

You can find our Terms and Conditions and Acceptable Use Policy by clicking Legal at the bottom of any PayPal page. Select receive in the crypto hub in your PayPal account. Choose a cryptocurrency type, for example, Bitcoin, to generate a crypto address. Use the crypto address to send crypto from an external crypto wallet.

Why is PayPal allowing customers to move crypto assets?

Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem.