Report said that PayPal users will allow users to withdraw their digital assets to third-party wallets. The decision was heralded as a major milestone in mainstream recognition of digital assets.
It has been reported that PayPal users will be able to send their cryptocurrencies to other wallets instead of just holding them on PayPal or selling it into fiat currency for withdrawal.
However, neither Reuters nor PayPal has specified when the crypto withdrawal feature would be supported. If it’s anything like PayPal’s decision to enable cryptocurrency purchases last fall, the initial rollout of third-party wallets could be gradual and location-based.
As reliance on cash declines, @PayPal doubles down on crypto. Soon users will be able to withdraw their digital assets from the platform and move to other wallets. How does this benefit you as a consumer? https://t.co/B9iNaxE3yP — Cointelegraph (@Cointelegraph) May 26, 2021
The report said that PayPal’s embrace of crypto appears to be rooted in a clearly defined strategy that sees digital-asset use cases growing rapidly over time.
Dan Schulman, the CEO of PayPal, said:
“All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”
Schulman, earlier this month, also indicated that PayPal’s crypto business was already paying dividends for the company.
Thus, he said:
“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”