PayPal is adding more functionalities to its cryptocurrency offering by allowing users to withdraw their Bitcoin (BTC) to other platforms. In this way, users can get access to their coins and be the real owners of their virtual currencies. Until now, PayPal allowed users to buy or sell BTC and other digital assets but it didn’t make it possible for users to withdraw their funds.
PayPal Improves its Crypto Offering
The California-based company is now making it possible for users not only to purchase cryptocurrencies but also to withdraw their coins out of the platform. The information was confirmed by Jose Fernandez da Ponte during CoinDesk’s Consensus 2021 conference. Da Ponte is in charge of PayPal’s blockchain and crypto business unit.
Until now, PayPal allowed investors to get access to virtual currency but it didn’t let them withdraw their digital assets. Da Ponte made clear that they want to make it as open as possible for consumers to have a choice and process payments using the method they want.
Furthermore, he stated that PayPal wants users to deposit funds, pay with them or use them for different things, and withdraw them if they receive crypto payments.
On the matter, da Ponte said:
“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. They want to bring their crypto to use 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.”
PayPal has allowed users to send and receive cryptocurrencies but it didn’t make it possible (until now) to withdraw funds. Nevertheless, it is not clear how long it would take for PayPal to release the new functionality. It usually takes two months on average before a new implementation starts working.
Regarding the possibility to launch its own digital currency, da Ponte clearly said that this is “too early” to do so. Furthermore, he talked about Central Bank Digital Currencies (CBDC) and how banks in different regions are already planning or analysing the possibility to launch a CBDC. Finally, he stated that despite the fact that there have been many comments about CBDCs, there have been more papers and discussion about them than real code written.