PayPal Allows Customers to Withdraw Cryptocurrencies to External Wallets

PayPal has recently announced that they will be allowing their customers to withdraw cryptocurrencies to external wallets as earlier they were not allowed to move their holdings off the platform. As revealed in the announcement, the payments giant is all set to add support for the withdrawals of cryptocurrencies to third-party wallets.

PayPal Allows Cryptocurrencies Withdrawal to External Wallets

The Vice President and General Manager of the blockchain and cryptocurrency division of the company, Jose Fernandez da Ponte made this announcement mentioning the new functionality and said:

“We understand there is more utility to those tokens if you can move them around, so we are definitely exploring how we can let people transfer crypto to and from their PayPal addresses.”

The CEO, Dan Schulman also believes that they will be seeing a tremendous decline in the use of cash over the next decade, and added:

“All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”

However, it has not yet been cleared when will the PayPal users be able to transfer their tokens off the application.

Payments Giant Establishing Deep Support for Crypto Assets

The recent news came seven months after the point when PayPal first enabled the purchase of crypto assets on its platform and that decision at that point in time was heralded as a major milestone in the recognition of these assets.

In addition to this, it should also be noted that earlier this month, Schulman also gave indications that the crypto business of PayPal is already paying dividends for the firm. He said:

“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”