Way to go! Payments giant PayPal will soon allow cryptocurrency withdrawals to third-party wallets, the company’s head of cryptocurrency has reportedly confirmed.
The firm has seen tremendous growth in its crypto business lately, after enabling crypto support on its platform a little while back. This support for transfers to third-party wallets is the logical next step. The change will enable users to transfer their digital coins away from the platform as and when they want.
Jose Fernandez da Ponte, the crypto boss at PayPal explained this during the Consensus 2021 conference:
“We want to make it as open as possible and we want to give choice to our consumers … 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 have bought with us and take it to the destination of their choice.”
Currently, the terms and conditions over at PayPal for its crypto services state that users are not able to send crypto assets to family or friends, or withdraw these digital assets from their Cryptocurrencies Hub to an external crypto wallet.
Jose further confirmed that the changes will also apply to Venmo users, but stopped shy of specifying when users will be able to start transferring their cryptocurrencies out of PayPal.
The PayPal platform currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
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