PayPal To Begin Allowing Bitcoin Withdrawals

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2021-05-26 23:30:03

In an announcement during Coindesk's Consensus Conference on Wednesday, PayPal's head of cryptocurrency, Jose Fernandez da Ponte, said that the company will soon be letting its users send Bitcoin and other cryptos out of PayPal.

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PayPal plans to add support for third-party wallet transfers which will allow the platform's users to move cryptocurrencies out of PayPal and into private wallets.

This will also apply to Venmo users who will be able to withdrawal cryptocurrency from the app and send it to other wallets or services. Soon, both Venmo and PayPal users will be able to send cryptocurrencies to each other. Da Ponte did not give further details about when PayPal and Venmo plan to integrate this feature.

The decision likely stems from the higher demand that PayPal's crypto services have gotten from what it was expecting. In a late April interview with TIME Magazine PayPal's CEO, Dan Schulman, said that demand for digital assets on the platform had more than exceeded the company's expectations.