PayPal Plans to Enable Users to Withdraw Their Cryptocurrencies

PayPal (NASDAQ: PYPL) plans to allow its users to withdraw cryptocurrencies stored within its platform to third-party wallets. Jose Fernandez da Ponte, PayPal’s blockchain lead, commented that such a feature has been in the works, as at present, the platform doesn’t allow customers to move its cryptos off from the firm.

During the CoinDesk’s Consensus 2021 Conference, da Ponte didn’t provide an exact deadline for the global payments giant deploying the new functionality. “We want to make it as open as possible, and we want to give 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,” PayPal’s blockchain lead stated.

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The company has opened its doors to digital assets since last November, first in the United States. In March 2021, PayPal enabled US-based consumers to pay merchants in cryptocurrencies through a feature called ‘Checkout With Crypto,’ which will be available globally at some point this year.

Commenting on rumors about PayPal launching a stablecoin, da Ponte commented that, at this point, “is way too early.” Also, he addressed the central bank digital currencies (CBDCs), saying that when the time comes, companies like the global payments firm could be the preferred ones to distribute CBDCs.

PayPal Latest Moves in the Crypto Sphere

Founded in 1998, the California-headquartered giant has been active within the crypto business during this year. Finance Magnates reported that PayPal plans to acquire Israeli crypto security company, Curv. The company expects to complete the deal soon this year.

In April, Dan Schulman, PayPal’s President and CEO, praised that the crypto’s demand has surpassed the firm’s expectations.

“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement. We’ve been looking at digital forms of currency and DLT for six years or so. But I thought it was early, and I thought the cryptocurrency assets at the time were much more assets than they were currency,” Schulman told TIME Magazine at that time.