Thursday, September 16

PayPal Will Allow Users To Move Their Cryptocurrencies To Other Wallets

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Global payments giant PayPal plans to allow its users to move cryptocurrencies they hold on the platform to third-party wallets.

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PayPal Vice President and Managing Director of Crypto and Digital Currencies Jose Fernandez also Ponte announced Wednesday at CoinDesk’s Consensus 2021 conference that PayPal is working on the cryptocurrency withdrawal function. Although PayPal has allowed its users to buy Bitcoin and other major cryptocurrencies since October 2020, the company has been criticized for allowing its customers to keep their crypto only on their platform and use it for direct payments to retailers.

“We want to make it as open as possible, and we want to give our consumers a choice that will allow them to pay the way they want,” said Da Ponte. Da Ponte added:

“They want to bring their cryptocurrencies to us so they can be used in trade, and we want them to be able to take the crypto money they buy from us and take them wherever they want.”

Da Ponte also added that he sees platforms such as PayPal as a “natural way” to distribute central bank digital currencies to the public when they are launched, and can help offer incentives quickly. As it is known, due to the Covid-19 outbreak, many people had to wait for months to receive their aid checks from the mail.

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