PayPal Enabling Crypto Withdrawal!

This is some pretty hefty news!

PayPal, is reportedly offering its customers the option of crypto withdrawal on its payment platform. The feature is not here just yet, but it will be in the future.

It seems like we are seeing these types of developments daily now, as more and more large corporations, firms, and entities rush into the crypto space.

There are still a lot of regulatory uncertainties in the air though, with investors like Ray Dalio warning that the success of crypto currencies may be their downfall. He points to Bitcoin in particular.

Even with all the regulatory uncertainty plaguing the industry, it is reassuring to see all these large corporations take the crypto market seriously.

Here is what people are saying:

Great upgrade by @PayPal. It is now a requirement for mobile payment apps to support #Bitcoin blockchain transfers to stay competitive. I look forward to the day when they all support @lightning transfers as well.https://t.co/IcpSScj6dD

— Michael Saylor (@michael_saylor) May 26, 2021

Crypto Briefing had more on the story:

Jose Fernandez da Ponte, VP of Global Business Development, revealed the news at CoinDesk’s Consensus 2021 conference.

“We want to make it as open as possible, and we want to give choice to our consumers,” da Ponte explained during the conference. “We want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

Additionally, da Ponte suggested that PayPal and other services will become a “natural way” for governments to distribute central bank digital currencies (CBDCs) and stablecoins in the future.

On the possibility of PayPal issuing its own stablecoin, da Ponte responded in the negative, stating: “This is way too early.”

Currently, @PayPal users are unable to move their #cryptocurrency away from the platform, but that could soon change according to an executive of the company.https://t.co/fNzVWQfeyA

— The Chain Bulletin (@chain_bulletin) May 27, 2021

Now this I support – I do not support any platform that does not allow for the withdrawal of one's crypto. PayPal is finally moving in the right direction.

— MoparMiningLLC (@MoparMining) May 27, 2021

The Block gave us an update:

A PayPal executive said Wednesday that the payments giant is working to allow its customers to withdraw their cryptocurrency holdings.

The timing of any withdrawal feature launch is unclear at this juncture.

PayPal partnered with crypto startup Paxos last year to enable crypto purchases for its customers on PayPal and Venmo, and in late March began to allow customers to spend their crypto.

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