According to reports, the company’s head of cryptocurrency revealed that payment giant Paypal will soon allow its users to transfer cryptocurrency f

Paypal will soon allow its users to transfer cryptocurrency

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2021-05-29 03:30:24

According to reports, the company’s head of cryptocurrency revealed that payment giant Paypal will soon allow its users to transfer cryptocurrency from its platform to a third-party wallet. Paypal has been seeing huge growth in its encryption business.

Jose Fernandez da Ponte, the head of Paypal cryptocurrency, stated at the 2021 consensus meeting on Wednesday that his company will soon begin to allow cryptocurrency withdrawals to third-party wallets. He explained:

We want to make it as open as possible and want to give our consumers more choices… They want to bring encryption technology to us so that they can use it in business, and we want them to be able to use the encryption technology they buy We take it to the destination of their choice.

At present, Paypal’s terms of its encryption service stipulate: “You cannot currently send encrypted assets to family or friends, or withdraw encrypted assets from Cryptocurrencies Hub to external cryptocurrency wallets. You also cannot use encrypted assets directly. As a currency to pay for goods or services. If you want to withdraw value from the Cryptocurrencies Hub, you need to sell your crypto assets and withdraw cash proceeds from the sale, or use these cash proceeds to pay for purchases.”