According to reports, the company’s head of cryptocurrency revealed that payment giant Paypal will soon allow its users to transfer cryptocurrency from its platform to a third-party wallet. Paypal has been seeing huge growth in its encryption business.

Paypal supports the transfer of cryptocurrencies to third-party wallets

Jose Fernandez da Ponte, the head of Paypal cryptocurrency, stated at the 2021 consensus meeting on Wednesday that his company will soon begin to allow cryptocurrency withdrawals to third-party wallets. He explained:

We want to make it as open as possible and want to give our consumers more choices… They want to bring encryption technology to us so that they can use it in business, and we want them to be able to use the encryption technology they buy We take it to the destination of their choice.

This change will allow Paypal users to transfer their cryptocurrency from the platform to a third-party wallet.

At present, Paypal’s terms of its encryption service stipulate: “You cannot currently send encrypted assets to family or friends, or withdraw encrypted assets from Cryptocurrencies Hub to external cryptocurrency wallets. You also cannot use encrypted assets directly. As a currency to pay for goods or services. If you want to withdraw value from the Cryptocurrencies Hub, you need to sell your crypto assets and withdraw cash proceeds from the sale, or use these cash proceeds to pay for purchases.”

According to reports, the head of cryptocurrency stated that these changes will also apply to Venmo users, but did not specify when users will be able to start transferring their cryptocurrencies from Paypal. The platform currently supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

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Earlier this month, CEO Dan Schulman stated that the Paypal encryption business showed “very outstanding performance” because the company reported its best quarter in history. He stated in April that the demand for cryptocurrencies is several times what Paypal initially expected.

In the first quarter, the payment giant launched the “checkout with cryptocurrency” feature, allowing users to use cryptocurrency to make payments in millions of stores. It also launched an encryption service on Venmo, allowing app users to buy, sell and hold cryptocurrency.

What do you think about Paypal allowing users to transfer their cryptocurrency from its platform? Let us know in the comments section below.

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