PayPal Mulling Over Permitting Users To Withdraw Digital Assets To External Wallets

PayPal’s espousal of digital assets seem to be expanding as the payments giant divulged that it will permit users to withdraw their cryptocurrencies to third-party wallets.

The development was first reported by Reuters Wednesday afternoon. The aforementioned news comes just 7 months after PayPal first permitted digital asset purchases on its platform. At the time, the decision was announced as a key milestone in mainstream recognition of cryptocurrencies.

The recent announcement by the payments giant signifies that its users will be able to send their digital assets to other wallets rather than just holding it on PayPal or selling it into fiat currency for withdrawal.

PayPal’s acceptance of digital assets seems to be rooted in a distinctly defined strategy that sees cryptocurrency use cases increasing swiftly over time. According to earlier crypto media reports, the CEO of PayPal, Dan Schulman is of the opinion that we will witness a “tremendous decline in the use of cash” over the next decade.

He 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.”

Earlier this month, Schulman also suggested that PayPal’s digital asset business was already paying dividends for the firm.

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

he concluded.