PayPal’s blockchain executive says that the company will soon allow its users to withdraw crypto funds.
Jose Fernandez da Ponte, PayPal’s Vice President, said that a withdrawal function is on its way and it will let users send their crypto to third-party wallets. PayPal will finally allow crypto withdrawal.
The function of withdrawal comes after PayPal has registered a massive interest in its crypto custodial service. “We want to make it as open as possible, and we want to give choice to our consumers,” he said.
The results from the Quarter 1 even surpassed the company’s expectations. With around 6 billion in revenues in the first quarter of 2021, it is a 31% record spot. Its CEO, Dan Schulman, stated that the results were like that because of their decision to integrate cryptocurrencies into PayPal.
Bitcoin for Paypal
As of now, PayPal doesn’t support Bitcoin as a payment for some areas on Earth. It is only available in the USA (not including Hawaii) for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
PayPal’s very own stablecoin
After the company’s Vice President, Jonathan Auerbach reunited with different banks in the world, rumors have circulated about a possible stablecoin issued by PayPal. But, da Ponte says that it is “too early to think about that.”
“Sometimes we position the debate as CBDCs versus stablecoins, but it’s a bit of a fake debate. There is no trade-off. We think they will co-exist.”
Jose Fernandez da Ponte, VP at PayPal
Referring to stablecoins and CBDCs, and if one takes over the other by global usage, da Ponte says that there is no debate against the two.
PayPal is a Gateway for CBDCs
While PayPal is not recently working for its own stablecoin, da Ponte says that companies like PayPal can be a bridge for the distribution of CBDCs whenever the time finally comes.
To make his view believable, he commented about how Americans had to go to a bank to cash their stimulus checks, even if there is a pandemic.
“I think we can do better than that,” he continued.
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