PayPal plans to add cryptocurrency withdrawals to third-party wallets

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PayPal plans to add cryptocurrency withdrawals to third-party walletsDuring the CoinDesk 2021 conference, Jose Fernandez, responsible for blockchain services at payment giant PayPal, commented that PayPal plans to allow its users to withdraw cryptocurrencies stored in its platform to third-party wallets.

But Jose did not offer a deadline, saying, “We want to make it as open as possible, and we want to give our customers a choice, something that will allow them to pay whichever way they want to pay. They want to bring their cryptocurrency to us so they can use it for commerce, and we want them to be able to take the cryptocurrency they got with us and take it to the destination of their choice.”

The company has opened its doors to digital assets since last November, for the first time in the United States. In March 2021, I enabled PayPal US-based consumers can pay merchants in cryptocurrency through a feature called “Checkout With Crypto.” which will be available globally sometime this year.

On the rumors of PayPal launching a stablecoin, Jose commented that, at this point, it's "too early." He also talked about central bank digital currencies (CBDCs), saying that when the time comes, companies like PayPal could be the preferred ones to distribute digital central bank currencies.

It is worth noting that the California-based payment giant has become more active in the cryptocurrency space this year than was expected. He plans to acquire Israeli crypto security company Curv this year.

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