PayPal to allow users to withdraw cryptocurrency

Global payments giant PayPal plans to let users withdraw cryptocurrency to third-party wallets, its blockchain lead said, Report informs, citing CoinDesk.

Speaking Wednesday at CoinDesk’s Consensus 2021 conference, Jose Fernandez da Ponte told moderator Jeff John Roberts that a withdrawal function is in the works. At present, PayPal does not let users move cryptocurrency holdings off-platform, though it has let customers buy bitcoin (BTC, -4.25%) 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,” da Ponte said. “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 company ships new developments every two months on average, he said, though it’s unclear when the withdrawal functionality is coming.