PayPal to enable withdrawal of cryptocurrencies to external wallets

The payments platform PayPal will add the ability to withdraw cryptocurrencies to external wallets. This was stated by the company’s vice president Jose Fernandez da Ponte at the online conference Consensus.

“We want to give our customers a choice, something that allows them to pay in any method they prefer. They want to bring their cryptocurrency to us to use it for purchases, and we want them to be able to take the funds they receive through us and withdraw them wherever they choose,” Da Ponte said.

According to the PayPal executive, the withdrawal function for digital assets is in development. He did not specify when exactly it will appear on the platform.

Da Ponte also noted that central bank digital currencies (CBDCs) can coexist with stablecoins. For backing the latter, fiat is not strictly necessary, he added. They can also be backed by CBDCs.

“There have been a lot of PowerPoint presentations on CBDCs, but little code has been written,” Da Ponte said.

In early May, media reports surfaced about a possible launch of PayPal’s own stablecoin. The vice president rejected the information and added that it is still “too early”.

Earlier, the president of the payments giant Dan Schulman said that demand forcryptocurrencieshad surpassed the company’s expectations.

In March, PayPal confirmed plans to acquire Curv, a custodial service for digital assets. The parties expect to close the deal in the first half of 2021.

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