Last Updated on: 1st June 2021, 07:32 am
With PayPal, customers with cryptocurrency on their accounts will soon be able to transfer money to external digital wallets instead of just holding or spending the money, CoinDesk reported.
PayPal, Head of Blockchain Services, Jose Fernandez da Ponte, presents the company’s intentions at a conference hosted by CoinDesk called Consensus 2021, according to CoinDesk.
“We want to make it as open as possible and give our consumers a choice,” he said in a video session provided by CoinDesk.
“[Ditto] since we let them pay how they want, we want them to bring their crypto to us for use in trading and we want them to take the crypto they buy and me to take them to the destination bring your choice.”
According to CoinDesk, da Ponte also told the conference that it was “far too early” for PayPal to offer its own stablecoin.
Asked at the conference about his expectations for central bank digital currencies (CBDCs), da Ponte reportedly said, “It makes perfect sense for central banks to issue their own tokens.”
PayPal has been in the cryptocurrency space since it announced on March 30th when it was announced that US customers could use cryptocurrency as a payment method.
In April of this year, the company announced that customers could link their PayPal accounts to digital wallets managed by Coinbase.
The integration takes place via the popular Venmo payment app from PayPal.
“Crypto on Venmo is a new way for the Venmo community to explore the world of crypto in the Venmo environment that they trust and rely on as an important part of their daily financial lives.” Darrell Esch, Senior Vice President of Paypal and General Manager of Venmo said in a statement prepared on April 20th.
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“No matter where you are on your cryptocurrency journey, Crypto on Venmo helps our community learn and explore cryptocurrencies that they know and love on a trusted platform and right in the app.”
“Our goal is to provide our customers with a user-friendly platform that makes buying and selling cryptocurrency easier and demystifies some of the most common questions and misunderstandings consumers face.”
