What’s new for Bitcoin users on Paypal
Soon, PayPal will add support for third-party wallets and allow users to move their Bitcoin wherever they want.
The payments company, one of the most popular in the world, sent shock waves through the crypto space when it announced that users in the US would be able to buying and selling Bitcoin on its platform last year. Since then, the company has added a feature for buying Bitcoin through its Venmo service.
There has been a lot of criticism about the fact that users cannot send cryptocurrency from PayPal and can only buy or sell. PayPal is now trying to resolve this and on Wednesday unveiled the news to its blockchain and cryptocurrency boss Jose Fernandez da Ponta, telling Consensus moderator Jeff John Roberts that the goal is for PayPal users to be able to send your cryptocurrency to an external wallet of your choice.
“We want to make it as open as possible and give our consumers a choice, something that lets them pay the way they want,” he explained.
“They want to bring their cryptocurrency to us, so that they can use it in trade, and we want them to be able to take the cryptocurrency they purchased from us and take it to the destination of their choice.”
Fernandez da Ponta was not so revealing when it came to a deadline, so there is no news as to when PayPal will launch this. However, he pointed out that the company launches new projects every two months, on average.
PayPal uses the blockchain infrastructure provider Paxos for Bitcoin transactions, making it very likely that the latter will be tasked with integrating the feature that will allow the withdrawal of cryptocurrency for third-party wallets. The company also added crypto-security company Curv to its portfolio earlier this year, so that the responsibility could fall on your shoulders too.
There are rumors that PayPal has plans to launch its own stablecoin and, questioned about it, Fernandez da Ponta just stated that it would be too soon. “It’s too early,” he said. He stressed that media like PayPal would probably be the best when it comes to distributing the Central Bank’s Digital Currency (CBDC) to the public. The United States is trying to play the game; China has already issued its own.
“It makes perfect sense for central banks to issue their own tokens,” he added.
“Sometimes, we position the debate as CBDCs versus stablecoins, but it is a bit of a fake debate. There is no compensation. We think they will coexist. ”