In an effort to further embrace digital currencies, PayPal has announced it will now allow its users to transfer their cryptocurrency funds from its platform to third-party wallets.
At a CoinDesk Consensus 2021 conference held on Wednesday, PayPal general manager of blockchain, crypto and digital currencies Jose Fernandez da Ponte revealed the latest feature. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”
The US-based fintech company previously embraced the use of digital currencies on its platform back in October, but at the time, users were not allowed to transfer their crypto to third-party wallets. “We want to make it as open as possible, and we want to give choice to our consumers – something that will let them pay in any way they want to pay,” da Ponte added. Although da Ponte did not specify a timeframe of when the option will be ready to use, he did note that new developments on PayPal’s platform occur about every two months.
The popularity of cryptocurrencies has soared over the past year, attracting a substantial amount of funds, even from institutional investors. The inflows generated extensive rallies in the price of nearly all digital assets, pushing the global crypto market cap to nearly $2 trillion.
Information for this briefing was found via CoinDesk. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.