PayPal users will soon be able to withdraw their cryptocurrency to third-party wallets. As the leading payments platform dives deeper into cryptocurrency, users will be able to have greater functional use of the platform for their crypto needs.
As reported by Reuters, the platform giant does not allow users to move cryptocurrency from the platform currently – offering purchases and storage but not withdrawals.
Speaking at the Consensus 2021 conference, Jose Fernandez da Ponte – Vice President and General Manager of Blockchain, Crypto and Digital Currencies at PayPal – said that withdrawal functionality is in the works to improve customer and user choice and to enable greater use of crypto in commerce. He 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 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.”
PayPal’s crypto milestone indication of bigger things
The news of PayPal’s integration with cryptocurrency payments seven months ago marked a massive milestone in the industry. With greater ease for users, the trust in the industry – which typically is remarked as volatile as Bitcoin price struggles to maintain the strength of stability – is likely to increase too. This came as other institutions like intelligence firms Grayscale and MicroStrategy offer cryptocurrency-focused trust funds for customers. With cryptocurrency adoption seen in institutions, retailer investment and individuals who might have been on the fence are more likely to see the market with fresh trust. As a result, it’s very possible that we’ll see an increase in cryptocurrency use in everyday transactions and a dip in the use of traditional finance.
CEO Dan Schulman spoke to this in an interview with The Times last month. He noted that he sees a massive decline in the use of cash in the next ten or so years, stating:
“Ten years from now, you will see a tremendous decline in the use of cash. All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.“