PayPal Will Soon Let You Transfer Bitcoin And Other Cryptocurrencies To Third-Party Wallets

Since the end of 2020, PayPal has allowed users in the United States to buy and sell Bitcoin and other cryptocurrencies. The payment service even added the “Checkout With Crypto” option, so that users can pay with cryptocurrencies.

And now, the platform wants to provide more tools to manage these virtual currencies and therefore promises that it will soon be possible to transfer Bitcoin and other cryptocurrencies to third-party digital wallets.

The announcement of the future novelty was made by the vice president and general manager of Blockchain, Crypto, and Digital Currencies at PayPal, Jose Fernandez da Ponte.

During CoinDesk’s Consensus 2021 conference, Ponte told event moderator Jeff John Roberts that the cryptocurrency withdrawal function is in progress — which will also be available on PayPal and Venmo, a subsidiary of PayPal. Anyway, the details about the implementation are still scarce.

We want to make it as open as possible, and we want to give a choice to our consumers, something that will let them pay in any way they want to pay. 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,” said Ponte.

The executive clarified that PayPal understands that cryptocurrencies are much more useful when they can be moved. So the company is exploring how it could allow people to transfer cryptocurrencies to their wallets. He also pointed out that the company sends new developments every two months, on average. However, he did not reveal precisely when the function will be released to users.

He also gave no further details on how PayPal intends to handle the blockchain transactions that will be created when users send and receive cryptocurrencies.

Meet Adwaith, a tech-savvy editor who's all about gadgets and gizmos. With a degree in Computer Engineering and a passion for all things tech, he's been guiding readers through the world of hardware for 10 years. Known for his clear, insightful reviews, Adwaith is the trusted voice behind TechLog360. Off-duty, he loves building PCs for charity.


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