June 14, 2021

PayPal customers will be able to withdraw cryptocurrency to third-party wallets

The PayPal payment service will provide customers with the ability to withdraw cryptocurrencies to third-party wallets. About this in During the virtual conference Consensus 2021, Vice President and General Manager for Blockchain and Cryptocurrencies PayPal Jose Fernandez da Ponte announced.

Inability to use cryptocurrencies foroutside the platform remains one of the main complaints from users about the service launched at the end of last year. Some question the usefulness of the assets acquired in this way, comparing them to IOUs.

“We want to make the service as open as possible andprovide consumers with a choice. They want to transfer cryptocurrency to us in order to be able to use it in commerce, and we want them to be able to transfer the cryptocurrency acquired through us to other points of their choice, ”he said.

Fernandez da Ponte did not specify when the described opportunity could be expected.

“We understand that the practical value of suchtokens are on the rise if they can be moved, so we are exploring possibilities so that people can deposit and withdraw their cryptocurrency using PayPal addresses, ”he added.

To Launch Cryptocurrency Trading PayPalentered into cooperation with Paxos at the end of last year. American users have access to it. At the end of March, the company allowed customers to pay with cryptocurrency at points of sale cooperating with the platform.

Commenting on earlier information that PayPal is preparing to release its own stablecoin, Fernandez da Ponte said it was too early to talk about it.