PayPal Will Finally Let Users Withdraw Bitcoin, Ethereum Other Cryptocurrencies

Benzinga2021-05-27

PayPal Holdings Inc. (NASDAQ:PYPL) will finally allow users to withdrawBitcoin(BTC),Ethereum(ETH), and other cryptocurrencies to third-party wallets, according to areportby CoinDesk.

What Happened: PayPal's head of cryptocurrency, Jose Fernandez da Ponte, reportedly made the announcement at CoinDesk’s Consensus 2021 conference on Wednesday.

da Ponte said PayPal is working on adding support for third-party wallet transfers but did not provide details about when the feature will be available.

PayPal hasallowedits customers to buy cryptocurrencies since last October, but currently does not allow them to transfer cryptocurrency holdings out of PayPal and into private wallets.

Why It Matters: Cryptocurrency proponents have long maintained the "Not your keys, not your Bitcoin" mantra. PayPal and Robinhood customers don't have access to their cryptocurrency wallets on the platform and the services have faced criticism over not allowing withdrawals.

Robinhood in February said it planned on letting its customersbe able to withdrawtheir cryptocurrency holdings.

PayPal’s move is also likely a result of higher demand for its crypto services. It wasreportedin March that the Peter Thiel-co-founded company is purchasing Curv, a technology firm, engaged in the secure storage of cryptocurrencies.

Price Action: PayPal closed almost more than 1% higher in Wednesday’s regular trading session at $261.37, but declined less than 0.1% in the after-hours session to $261.22.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

noodlesauce
2021-05-27
noodlesauce
finally
CT2796
2021-05-27
CT2796
Great!
- Sfun:
  Ok
YKYK14
2021-05-27
YKYK14
[強]
Luke19
2021-05-27
Luke19
Nice
SGArchiPH
2021-05-27
SGArchiPH
Finally
Lionel_yp
2021-05-27
Lionel_yp
Good news for crypto investors
- Holla:
  Ok

Leave a comment

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