- PayPal Holdings is presently enabling clients to withdraw cryptocurrencies to third-party wallets.
- Paypal clients could not move cryptocurrencies outside of the platform.
- The latest innovation published Wednesday additionally refers to Venmo, PayPal’s payments service.
Global payments app PayPal starts letting users withdraw cryptocurrency and place them into a third-party wallet.
Addressing CoinDesk’s Consensus 2021 conference, Jose Fernandez da Ponte, VP of Global Business Development at PayPal, announced that the platform lets its users better utilize their blockchain assets.
“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 informed the outlet.
“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 platform currently allows customers to buy bitcoin and other cryptocurrencies but not move the site’s assets. Da Ponte did not provide a definite time for the formal launch of the new feature.
Last April, PayPal subsidiary Venmo announced that it would start letting users trade cryptocurrencies on its app. Venmo maintains the trading of four leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Last week was an unusually volatile week for cryptocurrency as the market suffered a vital hit; though crypto assets have commonly seen positive growth across the past few months.
The global payments giant introduced its new crypto service that lets its users buy, sell, and hold cryptocurrencies to capitalize on the burgeoning cryptocurrency payments market last November 2020.
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