The PayPal payment service will provide customers with the ability to withdraw cryptocurrencies to third-party wallets. This was announced by the Vice President and General Manager of Blockchain and Cryptocurrencies at PayPal Jose Fernandez da Ponte during the virtual conference Consensus 2021.
The inability to use cryptocurrencies outside 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 and give consumers 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 such tokens increases when they can be moved, so we are exploring the possibility of allowing people to deposit and withdraw their cryptocurrency using PayPal addresses,” he added.
PayPal partnered with Paxos to launch cryptocurrency trading late 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.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
