PayPal launches crypto payment, transfer functionality for US users PayPal launches crypto payment, transfer functionality for US users
U.S. based PayPal users are now able to transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash and Litecoin from wallets and exchanges as many prominent companies turn towards crypto payments.
2 min read
Updated: Jun. 8, 2022 at 9:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
PayPal started to support the native transfer of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin to and from other wallers and exchanges. The new feature will be available only for users in the U.S.
With this new feature, U.S.-based Paypal users will be able to transfer supported coins to PayPal and move from PayPal to external wallet addresses, including exchanges and hard wallets. Sending supported coins to other PayPal accounts will also be possible instantly and free of charge.
As of June 7, a handful of select users will be able to use this new feature. After the initial test is over, the rest of the U.S. will gain access to the feature in the coming weeks.
Crypto payments
More companies have been turning to payments in crypto recently. One of the most famous ones, Elon Musk’s Tesla and Space X, accepts payment in crypto. Investors speculate that Musk might also add a crypto payment feature to Twitter.
One of the most recent steps on the crypto payment front was taken by an online payment service provider, checkout.com, which launched its USDC integration to allow merchants to accept or make payments. As the merchants shift to crypto, they can be freed from the restrictions of business hours while issuing payments. For now, the feature only supports USDC, but the company said they’d be including more digital assets in time.
In April 2022, American movie theater company AMC Theatres announced accepting payments in Dogecoin and Shiba Inu. The company’s initial plan was also to accept Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Another significant step towards crypto payments came from the Dogecoin team when they set the goal to become the “currency of the internet” via the 2022 roadmap. The team is adopting a practical approach to crypto and working to transform Dogecoin into a serious universal currency for people.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,132.73
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Litecoin
$89.5032
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Bitcoin Cash
$519.258
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.