PayPal will allow users to withdraw cryptocurrencies to third-party wallets « Naijatechnews

PayPal will allow users to withdraw cryptocurrencies to third-party wallets


payment service provider PayPal revealed on Wednesday that it will allow users to transfer digital assets to third-party wallets. This indicates that PayPal and Venmo users can not only send bitcoins to users on the platform, but also withdraw them to platforms such as Coinbase and external cryptocurrency wallets .


PayPal will allow users to withdraw cryptocurrencies to third-party wallets
PayPal

However, PayPal has not yet revealed when it will open the encrypted extraction function. PayPal’s embrace of encryption seems to be rooted in a clear strategy, that is, over time, digital asset use cases have grown rapidly. Jose Fernandez da Ponte, head of blockchain and encryption at PayPal, said: “We want to make it as open as possible, and we want to give our consumers the choice to pay in any way they want to pay.” There is a rumor that PayPal Plans to launch its own stablecoin, but Ponte stated that “it is still too early.”

In addition, he also stated that it is reasonable for central banks to issue their own tokens. But he does not accept the general view that only one stablecoin or CBDC will dominate.

Earlier this month, CEO Shulman also said that PayPal’s encryption business has brought significant profits to the company . The company’s performance in the first quarter was better than expected, with adjusted earnings of US$1.22 billion, exceeding the average analyst estimate of US$1.01 billion. The company said that customers who purchase cryptocurrencies through the platform log in to PayPal twice as often as before.

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