PayPal Will Allow Customers Withdraw Crypto

PayPal Holdings Inc announced on Wednesday that it plans to allow users to withdraw cryptocurrency to third-party wallets.

Speaking at CoinDesk's Consensus 2021 virtual conference, Jose Fernandez da Ponte — a PayPal vice president and general manager for blockchain, crypto, and digital currencies — said during an interview:

“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."

This will also apply to Venmo users who will also be able to withdrawal cryptocurrency from the app and send it to other wallets or services. Soon, both Venmo and PayPal users will be able to send cryptocurrencies to each other as well.

The San Jose, California-based company, which opened its platform to digital currencies last October, at present does not let users move cryptocurrency holdings off its platform.

While it is unclear when the withdrawal function could be rolled out, da Ponte noted new developments on the PayPal platform are shipped about every two months or so.