PayPal to allow users to withdraw their cryptocurrencies
Payment giant PayPal entered the cryptocurrency market in October 2020, allowing millions of its customers in the United States to buy, sell and hold a wide range of cryptocurrencies. However, the customers cannot withdraw the cryptocurrencies to external wallets.The company said it is now working on a feature that would allow millions of its customers to withdraw their cryptocurrencies to third-party wallets. Paypal's general manager of blockchain, crypto and digital currencies, Jose Fernandez da Ponte, revealed this while speaking at CoinDesk's Consensus 2021 conference yesterday. When the feature is rolled out, customers can transfer Bitcoin, Ether, Litecoin and Bitcoin Cash to external wallets.
PayPal began offering cryptocurrency services to its users in October last year, allowing them to buy, sell and hold four cryptocurrencies. However, users have not been able to transfer the cryptocurrencies to external wallets. Da Ponte said, "We want to make it as open as possible, and we want to give a choice to our consumers, something that will let them pay in any way they want to pay. They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice." Although PayPal will be enabling this feature, da Ponte didn't specify when it will be available to the users.
PayPal is expanding its presence in the crypto sector
The payment giant has been expanding its presence in the cryptocurrency sector over the past few months. Last month, PayPal-owned Venmo announced that it's over 70 million users in the United States can buy Bitcoin, Ether, Bitcoin Cash, and Litecoin. At the moment, it is unclear if Venmo will also be offering the withdrawal feature to its customers.Payment platforms such as PayPal allow users to buy, sell and hold cryptocurrencies. However, they don't allow them to transfer the coins to other wallets. The trend is changing, with PayPal's rival, Revolut announcing earlier this month that its customers can now withdraw their bitcoins to other wallets. The UK-based fintech firm said it would roll out the withdrawal feature to other cryptocurrencies over the coming months.
PayPal's executive also talked about other issues, including stablecoins. He said it is too early for the company to consider developing and issuing a stablecoin. Da Ponte also said financial institutions like PayPal would serve as the best way for governments to distribute CBDCs when the time comes.
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