Payments Giant Paypal Mulling Over Allowing Crypto Withdrawals To Third-Party Wallets

Payments giant Paypal will reportedly permit its users to transfer digital assets away from its platform to 3rd party crypto wallets, as per Jose Fernandez da Ponte, Paypal’s head of cryptocurrency. According to him, Paypal has been witnessing enormous development in its digital asset business.

During the Consensus 2021 conference, Ponte mentioned that Paypal will soon permit digital asset withdrawals to 3rd party crypto wallets.

He explained,

“We want to make it as open as possible and we want to give choice to our consumers … 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 have bought with us and take it to the destination of their choice.”

Presently, Paypal’s terms and conditions for its digital asset service states,

“You currently are not able to send crypto assets to family or friends, or withdraw crypto assets from your Cryptocurrencies Hub to an external cryptocurrency wallet. You also cannot use crypto assets directly as currency to pay for goods or services. If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell your crypto assets and withdraw the cash proceeds from their sale or use those cash proceeds to pay for purchases.”

At the beginning of 2021, the payments giant rolled out the “checkout with crypto” feature, permitting users to pay with digital assets at millions of stores around the world. The company also launched the digital currency service on Venmo, permitting the app users to purchase, sell, and hold a couple of digital assets.