The payments giant Paypal will soon allow its users to transfer cryptocurrencies from its platform to third-party wallets, revealed the company’s cryptocurrency chief. Paypal has seen tremendous growth in its crypto business.
Users could not have control of currencies
Jose Fernandez da Ponte, head of cryptocurrency at Paypal, said during the Consensus 2021 conference on Wednesday that his company will soon begin allowing cryptocurrency withdrawals for third-party wallets. He explained:
“We want to make it as open as possible and we want to give our consumers a choice… They want to bring their cryptocurrency to us, so they can use it in trade, and we want them to be able to take the cryptocurrency they bought from us with and take it to the destination of your choice. ”
The change will allow Paypal users to withdraw their cryptocurrencies from the platform to personal or third-party wallets.
Currently, Paypal’s terms and conditions for its cryptographic service state that “At the moment, you are not able to send cryptography to family or friends, or to remove cryptography from your cryptocurrency hub to an external cryptocurrency wallet. You also cannot use cryptography directly as a currency to pay for goods or services. If you want to withdraw the value from your cryptocurrency hub, you will need to sell your cryptoactive and withdraw the product from the sale or use that money to pay for purchases. ”
The head of the cryptocurrency said the changes would also apply to Venmo users, but did not specify when users would be able to start transferring their cryptocurrencies out of Paypal. The platform currently supports bitcoin, ethereum, litecoin and bitcoin cash.
Earlier this month, CEO Dan Schulman said the Paypal business showed “really excellent results”, as the company reported the best quarter ever. In April, he said the demand for cryptocurrencies was several times greater than Paypal’s initial expectations.
During the first quarter, the payments giant launched the “cryptocurrency checkout” feature, allowing users to pay with cryptocurrencies in millions of stores. He also launched the crypto service on Venmo, allowing users of the app to buy, sell and store cryptocurrencies.