Global payment giant PayPal enables users to withdraw crypto holdings to external wallets.
The US-based payment service provider PayPal continued its efforts to introduce cryptocurrencies after entering space seven months ago. The company announced yesterday that it plans to roll out a crypto withdrawal feature. The final step allows users on the platform to transfer their crypto to third-party wallets.
Speaking while CoinDesk In the 2021 consensus, Jose Fernandez da Ponte, VP and GM of the company for cryptocurrencies and digital currencies, confirmed that support for external wallets would be added. The payment company opened its platform for cryptocurrencies for the first time in October last year, so that its customers can purchase the crypto assets directly. However, the criticism was that the company allowed users to just hold their assets without removing them from the platform.
PayPal intends to change this with the upcoming functionality, although an exact date has not yet been given when the crypto-withdrawal feature will be introduced. He hinted it would be soon and said the company tended to roll out developments every two months. Judging from history, PayPal is likely to gradually introduce the feature on a regional basis.
“We want to make it as open as possible and give our consumers a choice that allows them to pay in any way they want to pay.” said the PayPal manager. “They want to bring their crypto to us so they can use it in trading, and we want them to take the crypto they have acquired and bring it to the destination of their choice.”
PayPal’s move to support cryptocurrency last year was a huge plus for the crypto space. The decision to allow digital assets to be withdrawn to other wallets will surely help drive general recognition of cryptocurrencies. There are reports that suggest the company is considering launching its stable coin. When asked the same question, the executive replied that it was too early and touched the central bank’s digital currencies.
He explained that PayPal provides a convenient way to distribute the digital currencies to the masses as it is well suited to addressing logistical issues that might arise. He downplayed any comparison between central bank-backed tokens and stablecoins.
“It makes perfect sense for the central banks to issue their own tokens,” he said. “Sometimes we position the debate as CBDCs versus stablecoins, but it’s a fake debate. There is no compromise. We believe they will coexist. ”