Cryptocurrency is gradually marking its domain with the recent advancements, with increasing numbers embracing their potential and scope. Although debates exist on their concreteness and promise, it cannot be denied that cryptocurrency is on the road to progress.
And as a part of extending this support to cryptocurrency, the payments provider, PayPal is all set to back a feature that will enable the users to withdraw crypto to external wallets. This is a clear indication of the fact that the payments provider is growing more accommodating of cryptocurrency over time.
PayPal and Cryptocurrency
PayPal introduced the purchase of crypto on its platform, almost seven months before. It was a major move on the part of the payments provider and a gesture that implied the growing scope of digital assets now and in the future, And this news of letting users withdraw crypto external wallets adds up to the growing possibilities of digital assets that is becoming evident and more potent over time. The news concerning the withdrawal to external wallets was reported by reuters on Wednesday, attracting a good amount of attention from users worldwide.
The announcement implies that those using PayPal will now be able to send their currencies to external wallets rather than exclusively holding it on the platform alone. Although it will prove to be a milestone move on the part of PayPal in embracing cryptocurrency, the exact time, date, or extend to which the feature will be brought to effect is still not made clear, neither by PayPal nor by Reuters. It is speculated that if and when it comes to effect it will start out slowly, extending to more regions, similar to the initial cryptocurrency purchases which marked the beginning of this journey.
PayPal is moving in accordance with a solid strategy when it comes to cryptocurrency, keeping in view the growing demand and scope of the same, aiming to attain the best out of it. It is echoed in the words of CEO Dan Schulman,
“All form factors of payment will collapse into the mobile phone. Credit cards a s 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.”