As of now, PayPal users can transfer crypto between PayPal and other, external wallets and crypto exchanges.
In late 2021, PayPal introduced the option to buy, sell, and hold crypto directly on the PayPal platform. Four cryptocurrencies are supported: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, it wasn’t until now that users could transfer funds to their hardware wallets and other external addresses, such as Coinbase or MetaMask.
PayPal sees cryptocurrency as a currency of the future, believing that a substantial portion of commerce will evolve so as to be handled with the use of crypto. Thus, PayPal is preparing the platform for the probable future development of the way commerce will function.
PayPal doesn’t charge any money for crypto transactions. This is because PayPal’s executives do not view their platform as a crypto exchange, but rather as a commerce platform.
The company is confident that more countries will embrace central bank currencies and stablecoins in the future. Such a development would perfectly suit PayPal’s current business model.