PayPal has announced that users can now be able to withdraw their cryptocurrencies to third-party wallets.
Before now, users are only allowed to buy and sell crypto assets on the platform. However, this move by the payment giant has got users excited as they now have a bit of freedom regarding how they spend their crypto assets.
Making the whole process as open as possible
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PayPal’s Vice President of blockchain and cryptocurrencies, Jose Fernandez da Ponte, stated that the company decided that it was very important to make the whole process open. He stated in a crypto conference,
We want to make it as open as possible, and we want to give choice to our consumers.
He added that PayPal desires to give users more freedom regarding how they want to pay with their crypto. The users should be able to take the crypto they acquired from the platform to any destination of their choice.
However, no date has been chosen regarding when the new feature will be implemented. But based on the timeline of past changes, it should take a few months before the new change takes effect. When PayPal announced its support for crypto for the first time, it took several months before it was implemented. It is believed that the new feature may take that much time before users can start enjoying them.
Too Early To Consider Stablecoin Launch
In the past few weeks, there have been rumors about a potential launch of stablecoin on PayPal. Ponte also answered questions regarding the rumor. He said that it was still too early for PayPal to start considering such a matter, considering that it only recently started offering crypto services on its portal.
However, the new feature could spur another wave of purchase as users will now be able to move assets freely from the platform.
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