PayPal already allows buying and selling cryptocurrencies from users’ accounts in some markets. And it even gives the possibility to pay with Bitcoin and other cryptocurrencies.
However, there are some limitations to this proposal offered by PayPal. For example, it is not possible to move the balance of cryptocurrencies to other platforms. A situation that is about to change.
While PayPal has the basic options for trading cryptocurrencies, it does not allow moving them to other platforms. However, this is the next step that PayPal is preparing to strengthen its incursion with cryptocurrencies.
As confirmed by José Fernández da Ponte, vice president, and general manager of Blockchain, Crypto, and Digital Currencies at PayPal, they want users to be free to use their cryptocurrencies. And for this, they will open in PayPal and Venmo, cryptocurrency transfers to third-party wallets.
He said in an interview: “We want it to be as open as possible, and we want to give our consumers options, something that allows them to pay the way they want to pay. They want to bring their cryptocurrencies to us so they can use them in commerce, and we want them to be able to take the cryptocurrencies that they purchased with us and take them to the destination of their choice.”
"We want to make it as open as possible."@PayPal's Jose Fernandez da Ponte confirms third-party wallet transfers are coming to PayPal and @Venmo platforms soon. https://t.co/PJg71S61Ru pic.twitter.com/maZCqHDimx
— CoinDesk (@CoinDesk) May 26, 2021
So users will be able to, for example, withdraw their bitcoins and transfer them to their wallets. For the moment, PayPal has not provided details about this new dynamic that will be implemented on the platform around cryptocurrencies, nor has a date been mentioned.
Recall that PayPal began its foray with cryptocurrencies last year in the United States, with support for Bitcoin, Ethereum, and Litecoin. So users can buy, sell or hold their cryptocurrencies in their Paypal accounts. And this year it added the ability to pay with cryptocurrency balances.