Yes, you hard it right. PayPal User will soon be able to withdraw crypto from PayPal to a different third-party wallet. Right now PayPal does not allow users to transfer their cryptocurrency holdings to a different platform or buy stuff online. Though PayPal let users buy bitcoin (BTC, -3.94%) and other cryptocurrencies since October 2020.
“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.”
Jose Fernandez da Ponte said during CoinDesk’s Consensus 2021 conference. He is head of the cryptocurrency department at PayPal. He added:
“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 development is undergoing but it’s not clear when the withdrawal function is coming. There’s a rumor going around that PayPal plans to launch its own stable coin.