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PayPal has announced that it will allow its users to sell bitcoin and other cryptocurrencies to third party wallets. Now the users can take their cryptocurrencies to the destination of their own choice.
Paypal, one of the biggest payments giants, has plans to give a go-ahead to its users to withdraw cryptocurrency to third party wallets. Taking the cryptocurrency acquired by PayPal to the destination of their own choice is a way step forward taken by the California-based company.
Currently, the PayPal users are not allowed to move cryptocurrency holdings off its platform. It was only last year that PayPal opened its platform for digital currencies in October. Yet the company has allowed the customers to purchase bitcoin and other cryptocurrencies since October last year.
Jose Fernandez da Ponte, who leads PayPal’s blockchain, crypto and digital currencies business unit, has informed about the company’s plan in a recent conference . He also informed that the company starts new developments every two months approximately. However, the withdrawal facility has not yet started.
Paypal’s last year approval
Paypal last year announced that anybody could sell, buy and hold cryptocurrencies in their PayPal wallets. Further, the company expands its services to its peer-to-peer payment app Venmo and other countries in the first half of 2021.
There are other fintech companies like Square, a mobile payment service company and Robinhood market, a stock trading app company, that allow users to buy and sell cryptocurrencies.
PayPal coin Vs CBDCs
Last year there was a speculation that PayPal might launch its stablecoin but Ponte dismissed all these rumours and said that launching its coin is very early for the company.
However, Ponte has faith with the Central Bank Digital Currencies (CBDCs) as he believes it makes all sense for the central bank to issue their tokens. But he did not see that only one out of stablecoins or CBDCs would become dominant.
He claims that the debate of Pay Pal coin Vs CDBCs does not stand. There is no trade-off and it might co-exist.
As per Ponte financial stability and universal excess is the key focus for the central banks currently. The stability can be achieved via digital currencies. This is not only by supporting the stable coin with fiat currency but also backing one with a CBDC too.
With the clear go-ahead given to the users of PayPal to sell bitcoin and other currencies to the third party, the company has integrated cryptocurrency. With the soaring demand, crypto could now become a permanent fixture within the PayPal and Venmo platforms.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
