The global payments giant PayPal is about to open its platform for the transfer of cryptocurrencies to third-party wallets and from third-party wallets to PayPal.
According to PayPal's blockchain leader Jose Fernandez da Ponte, while speaking at CoinDesk's Consensus 2021 conference, the payments giant is working on the cryptocurrency withdrawal feature.
Currently, PayPal has not allowed its users to move cryptocurrencies outside of its payment platform. Although it has allowed the purchase of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) since October 2020.
Jose Fernandez da Ponte noted:
“We want it to be as open as possible, and we want to give our consumers options, something that allows them to pay the way they want to pay. They want to bring us their cryptocurrencies so that they can use them in trade, and we want them to be able to take the cryptocurrencies they acquired with us and take them to the destination of their choice …
We understand that those tokens are more useful if you can move them, so we are definitely exploring how we can allow people to transfer cryptocurrencies to and from their PayPal addresses. "
Ponte added that the company is used to bringing in new developments every two months on average. However, the PayPal blockchain leader made it clear that there is no specific date yet for the withdrawal functionality to go live on the platform.
On the rumor that the payments giant is about to launch its own stablecoin called PayPalCoin, da Ponte said: "This is too early."