PaypalThe embrace of cryptocurrency appears to be increasing after the payment provider revealed that it would allow users to withdraw their digital assets into third-party wallets.
News that was Reported By Reuters Wednesday afternoon, exactly seven months after PayPal enabled crypto shopping for the first time on its platform. At the time, the decision was heralded as a major milestone in mainstream recognition of digital assets.
Wednesday’s announcement means PayPal users will be able to send their cryptocurrency to other wallets rather than just placing it on PayPal or selling it in fiat currency for withdrawal. However, neither Reuters nor PayPal have specified when the crypto withdrawal facility will be supported. If this is anything like PayPal’s decision to enable cryptocurrency purchases last fall, the initial rollout of a third-party wallet can be gradual and location-based.
Pepple’s embrace of cryptocurrency lies in a clearly defined strategy that sees digital-asset use cases growing rapidly over time. As Cointegraph previously stated, CEO Dan Shulman believes We will see a “drastic drop in cash usage” over the next decade, adding:
“All types of payment factors will be absorbed into mobile phones. Credit cards will go away as a form factor, and you will use your phone because a phone can add far more value than tapping your credit card. “
Earlier this month, Shulman also indicated that PayPal had a crypto business Already paid dividend for the company. “We’ve got really good results going on strategically with our crypto efforts,” he said.