PayPal said this Wednesday that it is planning to permit its users to withdraw their cryptos to any third-party wallet. The California-based company, which had opened its digital currency platform in the month of October last year, was not letting its users move their crypto holdings off the platform.
The news first came up by Coindesk. It had cited the comments from Jose Fernandez da Ponte, who has been leading the blockchain, crypto, and digital currency of PayPal. Fernandez said that users intend to bring their crypto to them so that the users can use them for their commerce. Thus, PayPal wants them to be able to take this crypto, which they have acquired with them, and move it to the destination of their choice.
Here is what he exactly said.
“They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”
Last year, PayPal said that the US account holders would be able to sell, buy and hold the cryptocurrencies to their PayPal wallets. PayPal was planning to expand its service to the peer-to-peer payment application, Venmo. Also, they had been planning to expand their service to some other countries in the first half of 2021.
The other mainstream fintech companies, like the mobile payment provider Square, and stock trading-related app firm Robinhood Markets, are also now allowing their users to buy and sell cryptos.
On Wednesday, Bitcoin had climbed back to the price of $40000 for the first time this week. Also, its recent volatility in the market of crypto has been showing a few signs of dampening down.
Bitcoin jumped with its price near about 6.5% to $40904. The Smaller coin, which tends to rise and fall with bitcoin, has also managed to gain. On the other hand, Ether managed to climb over 7.5% to over $2906.