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PayPal to Allow Users Withdraw Crypto to Third-Party Platforms

The American payment giant PayPal announced that soon its customers would transfer their crypto assets to other digital wallets. The announcement comes after continuous growth following its decision to start offering crypto-related services.

While talking at Consensus 2021, the company’s head of digital assets’, Jose Fernandez da Ponte, revealed that the payment giant would start allowing its customers to withdraw their virtual currencies to other digital wallets. Ponte added, 

We want to make it as open as possible, and we want to give a 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.

Under the current rules and regulations of PayPal, the user cannot transfer the digital assets to third-party wallets. The company’s CEO added that the new rule would also apply to Venmo – another mobile payment application. However, he did not specify the timeline. As of now, the payment giant supports Bitcoin, BTC Cash, and Ethereum.

Following its venture into cryptocurrency, PayPal recorded the most profitable quarter ever. As per the company’s data, the demand for virtual currencies grew three times.

In the first quarter, the firm allowed its users to pay through digital assets in hundreds of stores across the US. A few months down the lane, it offered to buy and selling crypto services on its mobile platform. 

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