PayPal formulates a plan to allow users to withdraw cryptocurrencies that have been stored in its platform. The tokens can later be transferred to third-party wallets.

PayPal’s lead of blockchain, Jose Fernandez da Ponte, has stated that the new feature that will allow crypto withdrawals on the platform was imminent. It would now allow customers to move cryptos they hold with the firm.

PayPal’s lead of blockchain made these remarks during the CoinDesk Consensus 2021 Conference. However, he did not provide any exact dates as to when the new functionality would be deployed.

“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay. They want to bring their crypto to us, so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice,” da Ponte stated.

PayPal and Cryptocurrencies

PayPal has been an active participant in the crypto market. The firm first ventured into digital assets last November by first launching in the US. In March this year, PayPal announced that it would enable US consumers to make payments using cryptocurrencies after launching a new feature dubbed, Checkout with Crypto.’ PayPal also announced plans to create a roadmap for launching the feature across the globe.

In recent weeks, rumours have been tabled about PayPal’s plan to launch a stablecoin. Commenting on this, da Ponte stated that it was still too early to launch such a product. He also stated that leading global payment firms would be the preferred candidates to help distribute and promote central bank digital currencies (CBDCs).

Meeting growing demand

Last month, PayPal’s President and CEO, Dan Schulman, pointed to the growing demand for cryptocurrencies stating that the demand was more than expected.

According to Schulman, the current demand was multiple times what the firm had expected due to the market’s growing popularity. The CEO also stated that research into digital currencies had been in the works for six years, and the firm was waiting for the opportune time to launch crypto offerings.

This year has seen PayPal launch several services in the crypto sector. The company is in the process of acquiring Curv, a crypto security company based in Israel. According to the firm, the acquisition will be finalized before the end of the year.