Payments giant PayPal will soon allow its users to transfer cryptocurrency from its platform to a third-party wallet, the company’s cryptocurrency chief allegedly revealed. PayPal is seeing tremendous growth in its crypto business.
PayPal to support crypto transfer to third-party wallets
PayPal’s head of cryptocurrency Jose Fernandez da Ponte said Wednesday during a consensus 2021 conference that his company would soon begin allowing cryptocurrency withdrawals to third-party wallets. He explained in detail:
We want to make it as open as possible and we want to give our consumers the option … they want to bring their crypto to us so that they can use it in commerce, and we want them to be able to take that crypto With whom they have bought. Take us and it to the destination of their choice.
The change will allow PayPal users to transfer their cryptocurrency from the platform to a third-party wallet.
Currently, PayPal’s terms and conditions for its crypto service state that “You are not currently able to send crypto assets to family or friends, or withdraw crypto assets from your cryptocurrency hub to an external cryptocurrency wallet. You can Cannot use crypto assets directly as currency to pay for goods or services. If you want to withdraw value from your cryptocurrency hub, you must sell your crypto assets and withdraw cash proceeds from their sale Or to use those cash proceeds to pay for the purchase. “
The head of the cryptocurrency reportedly said the changes would also apply to Venmo users, but did not specify when users would be able to start transferring their cryptocurrency from PayPal. The platform currently supports Bitcoin, Ethereum, Litcoin and Bitcoin Cash.
Earlier this month, CEO Dan Shulman said that as the company reported, the PayPal cryptocurrency business showed “truly spectacular results”. Best quarter ever. In April, he said that cryptocurrency was in demand many times Of PayPal’s initial expectations.
During the first quarter, payment giants To roll The “Checkout with crypto” feature allows users to pay with cryptocurrency at millions of stores. It also launched crypto service Venmo, The app allows users to buy, sell and hold cryptocurrencies.
What do you think about PayPal that allows users to transfer their cryptocurrencies from their platform? Let us know in the comments section below.
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