PayPal Will Allow Crypto Withdrawal to Third-Party Wallets

PayPal Holdings Inc said it is working on a new feature that will allow the withdrawal cryptocurrency to third party wallets.

May 27, 2021 | AtoZ MarketsGlobal payments giant PayPal will add the ability for users to withdraw cryptocurrencies stored within its platform to third-party wallets.

This announcement was made by the vice president of the San Jose, California-based company Jose Fernandez da Ponte at the online conference Consensus.

“We want to provide a choice for our customers, something that allows them to pay in any way they prefer. They want to bring their cryptocurrency to us in order to use it for purchases, and we want them to be able to take the funds received through us and withdraw them to any place of their choice,” said da Ponte.

According to a top manager at PayPal, the digital asset withdrawal function is under development. He did not specify exactly when feature will appear on the platform.
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Is PayPal launching a stablecoin?

Da Ponte also noted that central bank digital currencies (CBDCs) can coexist with stablecoins. It is not necessary to use fiat to secure the latter, he added. They can also be backed up by CBDC.

“There are tons of Powerpoint presentations on CBDC, but not much code written,” said da Ponte.

In early May, there were reports in the media about the possible launch of PayPal's own stablecoin. The vice president denied the information and added that it was "too early".

Previously, payments giant's CEO Dan Schulman said that the demand for a cryptocurrency exceeded the company's expectations.

As a reminder, in March PayPal confirmed plans to purchase a custodian service for Curv digital assets. The parties expect to close the deal in the first half of 2021.

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