PayPal allows its users to withdraw crypto to external wallets
On Wednesday afternoon, PayPal made an announcement of allowing its users to transfer their cryptocurrencies with PayPal to other wallets, instead of just holding it on PayPal or selling it into fiat money for withdrawal.
However, throughout the announcement, PayPal did not specify when will they start to support the crypto withdrawal feature. This initial rollout of third-party wallets could be gradual and location-based if it is anything like Paypal’s deicision to enable cryptocurrency purchases last fall.
The embrace of crypto appears to be rooted in a clearly defined strategy of PayPal that expects digital-asset use cases growing rapidly over time. According to Cointelegraph, Dan Schulman, the CEO of PayPal believes the world will see a tremendous decline in the use of fiat money in the next decade.
“All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.” — Schulman added.
Schulman also indicated earlier this month that the company’s crypto business was already paying dividends for the company.
Source: https://cointelegraph.com/news/paypal-users-will-be-able-to-withdraw-crypto-to-external-wallets
