PayPal added the ability to withdraw cryptocurrencies to external wallets

Initially, the feature will be available only for some users from the United States

08.06.2022 - 06:40

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What’s new? The PayPal payment system has added the ability to withdraw digital assets to external addresses, including hardware wallets and cryptocurrency exchanges. Initially, the feature is available only for some users from the United States, over the next weeks it will be provided to a wider range of customers from the States.

PayPal’s announcement

More details about the PayPal app. The company first launched its crypto app in late 2020, it allows buying, selling, and storing of four digital assets — bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). However, previously, cryptocurrencies could not be withdrawn to external wallets.

The company’s senior vice president of blockchain and crypto, Jose Fernandez da Ponte, said:

“The whole reason we’re in crypto is because we believe a substantial portion of commerce is going to move to digital currencies.”

Fernandez da Ponte also stressed that their app does not charge for crypto transactions because PayPal does not engage in the exchange business.

PayPal is the largest electronic payment system, founded in 1998 in the United States. Its total number of users exceeds 337 million (according to BusinessofApps). The company’s shares are traded on the Nasdaq exchange under the ticker PYPL at $88,59 (as of June 8, according to Investing.com).

The company previously announced plans to integrate blockchain and all types of cryptocurrencies into its platform. PayPal Vice President Richard Nash also spoke about work on the implementation of central bank digital currencies (CBDC). In January, the company shared plans to launch its own stablecoin.

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