PayPal To Let Customers Withdraw Crypto


“We want them to be able to take the crypto they acquired with us and take it to the destination of their choice,” says Jose Fernandez da Ponte.

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.

The news was earlier reported by Coindesk, citing comments from Jose Fernandez da Ponte, who leads PayPal’s blockchain, crypto and digital currencies business unit.

“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,” da Ponte said.

“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.”

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The company ships new developments every two months on average, he said, though it’s unclear when the withdrawal functionality is coming.

It will be recalled that news broke out early april that PayPal Holdings Inc announced that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

Must Read: Paypal To Start Accepting Cryptocurrency Payments

Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company had stated at the time.

The company had stated at the time that the service will be available at all of its 29 million merchants in the coming months .

Source: Oscarmini

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