Paypal will Enable Crypto Withdrawals to External Wallets

American payments giant, Paypal Holdings Inc, will finally enable cryptocurrency withdrawals on its mobile apps for its crypto customers.

According to a Reuters report, citing comments from Jose Fernandez da Ponte, the company’s head of crypto and digital currencies business unit, the decision is made to allow its customers the opportunity to withdraw their digital assets to third party wallets.

Paypal drew attention as headlines in Q3 2020 when it announced its support for the trading of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The move marked a new milestone for the crypto industry as million of Paypal customers and listed merchants now directly access the crypto. However, any purchases conducted on the app were unable to conduct transactions elsewhere, many users criticized this restriction. This is what da Ponte says the company is set to change. 

“We want to make it as open as possible, and we want to give a choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “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.” 

While the Paypal executive did not reveal the timeline for working this function, the company will set a pace for other emerging crypto brokers like Robinhood who also allow withdrawals of crypto to external wallets. 

The withdrawal news of Paypal is coming when Bitcoin is experiencing a broad price retracement, with altcoins showing a worrying correlation. The news may boost investors’ sentiment and help revive the digital asset price in a bid to break the $50,000 resistance level and finally retest the all-time high above $64,000.