PayPal Plans to Let Users Withdraw Bitcoin, Ethereum, Bitcoin Cash & Litecoin: “We Want to Give Choice to Our Consumers”

Payment giant PayPal is planning to let its users withdraw cryptocurrency as soon as possible, revealed the company's blockchain lead Jose Fernandez da Ponte at the Consensus conference.

While the company ships new developments every two months, it’s unclear when this new functionality will be coming to Paypal.

As of now, Paypal users are not allowed to move their cryptos off the platform, ever since the company first announced in October 2020 that users can buy, sell, and hold digital assets.

“We want to make it as open as possible, and we want to give a 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.”

Jose Fernandez da Ponte PayPal Blockchain Lead

Much like PayPal, Robinhood doesn't allow its users to move crypto off-platform either. Since February this year, the company has been working on providing the ability to deposit and withdraw cryptocurrencies, but it is yet to become a reality.

“Great upgrade by PayPal. It is now a requirement for mobile payment apps to support Bitcoin blockchain transfers to stay competitive. I look forward to the day when they all support Lightning Network transfers as well.”

Michael Saylor MicroStrategy CEO

During the conference, on the topic of PayPal’s own coin, Jose said it was “way too early” for that but said central bank digital currencies (CBDCs) are surely coming, and every central bank will issue their own tokens, he said.

But they will take a lot of time to launch as at this point, “there are a lot of Powerpoints written, but not a lot of code written,” he said.

As for CBDCs versus stablecoins, according to him, “There is no trade-off” and “they will co-exist.”

Much like company CEO Dan Schulman said last month about PayPal getting funded straight from the Fed and putting that into a digital wallet, Jose said they “can do better” than central banks at distributing the stimulus checks.

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