BTC, ETH, LTC, and BCH holders will soon be able to send and receive coins via PayPal.
PayPal, the world's largest payment processor, is set to provide a platform for transferring cryptocurrencies to third-party wallets and from third-party wallets to PayPal.
While speaking at CoinDesk's 2021 conference, PayPal's blockchain lead, Jose Fernandez da Ponte, stated that the payment giant is working on a coin withdrawal function.
PayPal does not currently allow customers to transfer cryptocurrency outside of its payment platform. Since October 2020, it has been possible to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
According to Jose Fernandez da Ponte:
“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…”
We agree that having the ability to move those tokens around increases their utility, therefore we're looking on ways to allow consumers to send crypto to and from their PayPal accounts.
Ponte went on to say that the company is used to releasing new products every two months on average. However, PayPal’s blockchain lead made it clear that there is no specific date yet for withdrawal functionality to go live on the platform.
“This is simply too early,” da Ponte said of reports that the payment giant is on the verge of introducing its own stable coin, PayPalCoin.
