PayPal: New Withdrawal Option For CryptoCurrency Users

PayPal Holdings Inc. announced its plans to allow users to make withdrawals of cryptocurrency to third-party wallets. The Vice President (of crypto) at PayPal Jose Fernandez da Ponte revealed the plan while speaking at CoinDesk’s Consensus 2021 conference. PayPal currently allows users to buy crypto on its platform, but they can’t move them off the platform.

To the Vice President, digital currencies are not quite ready to offer serious payment cost reductions to people all over the world. He is in favor of backing a stable coin from the central bank digital currencies (CBDCs). He sees PayPal helping to distribute CBCD tokens when time comes.

His estimate of global adoption at 2% is simply not high enough. “But 10% adoption is where it gets really interesting, when it gets beyond the early adopters.”

The company opened some cryptocurrency transactions for US customers in November, and allowed users to use cryptocurrency to pay for goods and services in March. The  company’s reported earnings beats the average analyst estimate of 1.01 billion U.S. dollars by 210 million U.S. dollars. This is the second set of results of cryptocurrency buying and selling services from PayPal.

It also mentioned its crypto customers have been logging into PayPal twice as often as they were before they could buy crypto.