Users can currently access Ethereum, Bitcoin, Bitcoin Cash, and Litecoin through the application. Funds are safeguarded without requiring a digital key.

The app offers internal transfers only on its mobile version, eliminating the need for MetaMask accounts. Additionally, the company’s website features educational materials to help beginners understand cryptocurrencies better and stay safe.

Introduced in October 2020, the platform now supports buying, selling, and holding digital assets. Network fees are applied when transferring crypto to or from PayPal accounts. As of August 15th, users can start with a USD 1 balance on the app.

New Features

In June 2022, users were able to move cryptos to external wallets and exchanges, though this feature is initially available only to select US users. It will be rolled out nationwide in upcoming months.

PayPal’s Recent Developments

The White House formed the Economic Opportunity Coalition (EOC) at the end of July. This coalition aims to address economic disparities and increase opportunities for underserved communities, with PayPal as one of its founding members alongside 21 other corporations and three foundations.

Despite these initiatives, PayPal faces challenges in different regions. In Indonesia, the company was denied access due to non-compliance with local licensing rules, following a government directive in early August 2022 for tech companies to register or risk temporary platform blockages.

The Crypto Market Landscape

PayPal competes with established players like Binance. Recently, Binance faced significant customer losses after implementing KYC measures to prevent money laundering and terrorism financing. Despite these regulatory-compliant steps, Binance lost nearly 90% of its user base. This situation highlights the challenges in balancing compliance with retaining users in the cryptocurrency sector.