PayPal’s support of cryptocurrencies looks to be deepening, with the company announcing that customers would be able to withdraw their digital assets to third-party wallets.
The revelation was originally reported by Reuters on Wednesday afternoon, only seven months after PayPal made cryptocurrency purchases possible on its platform. The ruling was hailed at the time as a watershed moment in the general acceptance of digital assets.
PayPal customers will be able to transfer their cryptocurrencies to other wallets rather than storing them on the platform or selling them for fiat money withdrawals, as announced on Wednesday. Neither Reuters nor PayPal have stated when the cryptocurrency withdrawal functionality would be available. If the initial deployment of third-party wallets is anything like PayPal’s decision to allow bitcoin purchases last autumn, it will be slow and location-based.
“All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”
Schulman also stated earlier this month that PayPal’s crypto division was already generating dividends to the corporation. “With our crypto initiatives, we have a tremendous amount of very amazing achievements going on tactically,” he added.