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PayPal Banks In Bitcoin Wallet Transfers

Illustration for article titled PayPal Will Allow Users to Transfer Bitcoin to Third Party Portfolios

Photo: Paypal, Inc.

Despite u environmental and regulators bad that usually come with crypto as currency, PayPal’s bitcoin ambitions continue to grow. Wednesday, Jose Fernandez da Ponte – the company’s vice president of all things blockchain –confirmed in an interview that PayPal-ers will soon be able to withdraw their crypto in any wallet they want.

While the company hasn’t confirmed when it will launch this new feature, it probably can’t come soon enough for the bitcoin brotherwhich they are currently using the PayPal platform. When the company first brought bitcoin, ether and litecoin purchases to its platform at the end of last year, has generated a fair amount of reaction from the crypto community throughout. His main complaint with PayPal’s offerings was that while the company let people buy and sell crypto — and even convert that cryptocurrency in dollars and cents – bitcoiners couldn’t share those coins with you each other. Most recently, when I came to own PayPal led bitcoin purchase on their own platform, you saw the same problem: customers could use Venmo to buy and sell their coins, but transfers were not on the table.

Apparently, PayPal listens to those criticisms. “We understand that there is more utility to these tokens if you can move around,” Ponte said during Wednesday’s interview, adding that the company is “definitely exploring” how it can let people “transfer crypto from and from I know PayPal addresses. ”

“We want to make it as open as possible, and we want to give our consumers a choice, something that will allow them to pay in any way they want to pay,” he added. “They want to bring their crypt for us to use in business, and we want them to be able to take the crypt they have purchased with us and bring it to the destination of their choice.”

PayPal has all been able to gain on the crypto community in the last year. During a recent earnings call, CEO Dan Schulman realized the strategy has has already paid off, telling shareholders that PayPal sees “a tremendous amount of really great results” from its crypto-technology investments so far. Granted, we’ve also seen the net worth of the most popular cryptoparticularly Bitcoin-fall hard in this past month, which is a good reminder of how volatile these digital currencies are. Even if the CEO of PayPal keep trying to bring crypto into the mainstream, this instability is sure to keep some customers away.

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