Withdrawing cryptocurrencies soon to be available at PayPal

Online payments company PayPal plans to offer cryptocurrency withdrawal so customers can transfer funds to third party wallets as announced by the head of blockchain services of PayPal, Jose Fernandez Da Ponte on May 27.

Appearing as a speaker during the Consensus 2021 hosted by crypto news site CoinDesk, Da Ponte disclosed the company’s plan to allow crypto withdrawals:

‘We want to make it as open as possible, and we want to give choice to our consumers’, Da Ponte said in the virtual meeting.

He also added, ‘As we let them pay any way they want to pay, we want them to bring their crypto to us, so they use it in commerce, and we want them to take crypto they acquire with us and take it to the destination of their choice’.

As of this moment, the exact date of PayPal’s cryptocurrency withdrawal services is yet to be confirmed.

Additionally, during the Consensus 2021 conference, Da Ponte was also asked about the possibility of the company establishing its own stablecoin, but he stated that it is too early for them to take such actions.

The announcement of PayPal’s potential cryptocurrency withdrawal services follows CEO Dan Schulman’s recent interview with Time Magazine last April 25 where he stated that the company was overwhelmed with the public’s interest in cryptocurrency services in the global payment platform.

In the interview, Schulman stated, ‘Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.’

Moreover, Schulman said he is ecstatic with the efforts of the company to expand their crypto business, adding that PayPal is witnessing good results from their crypto efforts.

Currently, PayPal’s crypto services allow users to purchase, hold and convert crypto to fiat. Additionally, embracing cryptocurrency is PayPal’s strategy to adapt to the global adoption of digital assets.

In an interview with Cointelegraph back in April 2021, Schulman stated that he believes there will be a time when more people will get rid of cash-based transactions in the years to come.

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