PayPal Holding Inc. (PYPL.O) said it plans to allow users to withdraw cryptocurrency to third-party wallets, Reuters reported. It also allows users to move crypto out of PayPal into a private wallet.
San Jose, California-based company PayPal opened its platform to digital currencies last October 2020. At present PayPal does not move user’s cryptocurrency holding off its platform.
Seven months ago, PayPal announced that its users can buy, sell and hold bitcoin on its platform. Last month, its peer-to-peer payment app Venmo made a similar announcement. It allowed users to keep their bitcoin in PayPal account only, which means bitcoin would not belong to them. Now, with the new feature users can withdraw cryptocurrency to their third-party wallet, for which users control the private keys. It confirms the ownership of the bitcoin.
There is a rumor that PayPal plans to launch its own Stablecoin. Jose Fernandez da Ponte commented on that in Consensus event, who leads PayPal blockchain, crypto, and digital currencies business unit. He said, “This is way too early”, though did not deny it.
Jose Fernandez da Ponte said, “We want to make it as open as possible and we want to give choice to our customers something that will let them pay in any way they want to pay.” “They want to bring their crypto to us so they can use it in commerce and we want to be able to take the crypto they acquired with us and take it to the destination of their choice.”
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However, PayPal has not specified when the crypto withdrawal support features to start. It said that customers who buy crypto through the platform have logging into PayPal Twice often they were before they could buy crypto.
