PayPal is finally allowing users to move their cryptocurrency to other wallets

In response to customer demand, PayPal announced today that its users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges.

“This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal.

The new functionality will allow PayPal customers to transfer supported coins into PayPal, move crypto from its app to external crypto addresses including exchanges and hardware wallets and send crypto to other PayPal users “in seconds.”

The new functionality is only available to users in the U.S., and for security reasons, PayPal says it has implemented an additional identity verification process for users before they can transfer any crypto. The rollout will be a gradual one with select U.S. users being able to do so starting today, and with other “eligible” U.S. customers — those who complete the identity verification process — in the coming weeks.