PayPal developing cryptocurrency withdrawal function for third-party wallet transfers

PayPal users have been able to buy and sell Bitcoin and other cryptocurrencies on the platform since October

PayPal is working on a new feature that will allow users to withdraw Bitcoin and other cryptocurrencies and transfer them into third-party digital wallets.

BITCOIN PRICE RISES LEADING CRYPTOCURRENCIES HIGHER

Paypal's general manager of blockchain, crypto and digital currencies, Jose Fernandez da Ponte, opened up about the withdrawal function's development during Coindesk's Consensus 2021 conference on Wednesday.

"We understand there is more utility to those tokens if you can move them around, so we are definitely exploring how we can let people transfer crypto to and from their PayPal addresses," da Ponte said. "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."  

While its unclear when the withdrawal function could be rolled out, da Ponte noted new developments on the PayPal platform are shipped about every two months or so. 

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PayPal first announced its users would be able to buy and sell Bitcoin and other cryptocurrencies on the platform in October. However, holders are currently unable to move their cryptocurrencies off of the platform. In April, digital currency offerings were also rolled out on Venmo.

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According to prices tracked by Coindesk, the world's largest cryptocurrency is trading around $38,000 per coin as of Wednesday afternoon, while rivals Ethereum and Dogecoin are trading at around $2,700 and 34 cents per coin, respectively.