PayPal Will Expand its Crypto Operations: Coin Withdrawals Soon

Jose Fernandez da Ponte, a PayPal executive, announced at the Consensus 2021 conference that the company was actively working on the development of a cryptocurrency withdrawal feature.

The General Manager for PayPal’s Blockchain, Crypto, and Digital Currencies division referred to the future feature by stating:

“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.”

The feature would be a long-waited addition to the PayPal ecosystem, which adopted crypto back in 2020 by allowing its United States Costumers to acquire and sell cryptocurrency via the platform. This support was later on extended to allow users to pay using their cryptocurrency balance upon checkout.

While PayPal’s endorsement of crypto was well received by most cryptocurrency advocates, some critics were quick to point out that the features were lacking functionality to be consistent with crypto’s ethos, as the platform forced users to keep the cryptocurrency use limited to the PayPal ecosystem.

Crypto Is Becoming an Essential Component of PayPal

PayPal’s interest in cryptocurrency has been increasing over the months, with the company’s CEO telling Time Magazine back in April that, “Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.”

In the Interview, Dan Schulman also said that the company’s interest in cryptocurrency and Distributed Ledger Technology (DLT) has been brewing for about six years, but executives had considered that crypto was lacking when it…

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