Key facts:
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Users will be able to withdraw bitcoin, ether (ETH), litecoin (LTC), and bitcoin cash (BCH).
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The service remains available only to customers in the United States.
The PayPal payment platform now allows you to withdraw bitcoin (BTC) and other cryptocurrencies to external wallets, following more than a year of service with these assets restricted to the borders of its own application.
Through a statement, PayPal Holdings ad a new stage for its offer of services with cryptocurrencies, among which the possibility of withdrawing the balance to external purses (cold, hot or even exchanges) stands out en bitcoin (BTC), ether (ETH), litecoin (LTC) y bitcoin cash (BCH).
Also, users now they will also be able to deposit said cryptocurrencies into their PayPal accounts from external wallets. Before, it was only possible to buy the balance in these assets within the application to operate with businesses that have PayPal among their payment methods.
The service is available from this Tuesday, June 7, the date of the announcement, for a selected group of users in the United States. In the coming weeks it will be enabled for the rest of PayPal customers in the North American country, says the text. Nothing is clarified regarding plans to include other regions in the program at the moment.
We are excited to connect PayPal customers with other wallets, exchanges, and apps, and will continue to roll out additional cryptocurrency features, products, and services in the coming months.
PayPal in your statement.
Since the launch of its service with cryptocurrencies, in the last quarter of 2020, a regional expansion is expected for users of the platform. However, this leap has not taken place despite the fact that at the end of last year there was already talk of plans to expand to Latin America, such as We review in CriptoNoticias.
Cryptocurrencies: future of trade
José Fernández da Ponte, senior vice president of blockchain, cryptocurrencies and digital currencies at PayPal, spoke regarding this novelty in the services with crypto assets of the company.
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In fact, he referred to the possibility of withdrawing funds as one of the most requested by users from the first moment in what they began to offer cryptocurrency services. In fact, the launch of this product on PayPal was met with much criticism in the bitcoiner world. And the impossibility of withdrawing the cryptocurrencies that were purchased on said platform was one of the most questioned aspects.
Fernández da Ponte further assured that the company believes that “digital currencies are a crucial part of the future of commerce.” This situation, he added, requires “the combined efforts of companies well-versed in the complexities of payments and decentralized technologies to make this happen.”
It is precisely in trade that PayPal focuses, and since March of last year had already enabled payment to stores affiliated with its network with bitcoin and other cryptocurrencies available on your system.