PayPal to allow Crypto withdrawals

PayPal has announced that it is creating an avenue for its customers to make cryptocurrency withdrawals on its platform.

The Vice President, General Manager of Blockchain, Crypto, and Digital Currencies of PayPal, Jose Fernandez da Ponte, was present at the CoinDesk Consensus Conference 2021 where he announced that the company is working on a feature that will allow its users to withdraw cryptocurrency into external wallets.

Jose explained that the cryptocurrency withdrawal feature will also be linked to other means of exchange, tailored to suit the needs of different users.

PayPal as a whole believes that the new cryptocurrency withdrawal feature will foster better access and use of cryptocurrencies by individuals who have access to PayPal in their country.

PayPal has not stated how much profit they envision making from its new cryptocurrency withdrawal feature.