PayPal to allow transfer of user crypto assets to third-party wallets

Soon, users of payments giant PayPal will be able to transfer cryptocurrencies from its platform to third-party wallets.

This was confirmed by the company’s head of the cryptocurrency department, Jose Fernandez da Ponte through an announcement during the Consensus 2021 conference.

The division chief explained PayPal wants to make crypto-related transactions easy for their consumers and to provide them an option for their digital assets holdings. Furthermore, they acknowledge that clients want to bring their crypto to them and in return, the company wants them to be able to take those to a destination of their choice.

A significant upgrade

Under current PayPal terms and conditions for its crypto service, users cannot send crypto assets to their family or friends and such also cannot be withdrawn from Cryptocurrencies Hub to an external wallet.

The digital assets in the possession of PayPal clients cannot be used directly as payment for goods and services as well. The only option to withdraw the corresponding amount of digital currencies from the Hub is to sell them. Cash proceeds from this can be withdrawn by users or can be used as payment for any type of purchase.

The upcoming upgrade will be a significant one as it will change the current terms of the service offering, allowing users to transfer crypto holdings into external wallets.

Carried over at Venmo

Although the timeline for the availability of the feature has not been revealed yet, the PayPal official said the changes will also apply to users of Venmo which currently supports bitcoin, ethereum, litecoin and bitcoin cash.

In the first quarter of the year, the digital payments heavyweight introduced its “checkout with crypto” feature that allowed users to pay for products and services at millions of stores via cryptocurrencies. The service was also made available on Venmo, allowing users to buy, hold and sell digital currencies.

 

Image courtesy of Cointelegraph News/YouTube

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