PayPal Enables Users to Withdraw Bitcoin and other Cryptocurrencies to External Wallets
PayPal is embracing Bitcoin faster. Reuters has reported that the leading payment provider has allowed users to withdraw Bitcoin (BTC), Ethereum (ETH), and other digital assets to 3rd party external wallets. This decision has been taken just 7-months after PayPal allowed users to purchase cryptocurrencies on its platform. Both these decisions are considered by analysts and experts as a major milestone towards mainstream recognition of digital assets.
This new announcement means that the users of PayPal don’t have to just hold cryptos on PayPal or sell them into fiat currencies for withdrawal. It essentially means that the users can buy Bitcoin and other altcoins on PayPal and transfer their holding to a third-party wallet for hodling.
However, PayPal hasn’t yet announced any specific date from when this feature will be supported. Analysts believe that their decision of rolling out 3rd party wallets would be gradual and location-based.
PayPal is embracing cryptocurrencies as part of their clearly defined strategy as per which they see the use cases of digital assets growing rapidly over time. Dan Schulman, CEO of PayPal believes that the use of cash will decline tremendously over the next 10-years. He has 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.”
Reports say that Schulman had already indicated at the beginning of May 2021 that their cryptocurrency business is already paying dividends for the company. He had said: “We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”
PayPal’s decision of enabling users to transfer Bitcoin and other cryptos to external, 3rd party wallets confirm that the company is going ahead with their extended plans of adopting cryptocurrencies faster.