PayPal to Allow Users to Withdraw Cryptocurrency to Third Party Wallets

PayPal opened its platform to digital currencies last October.

By Reuters | Updated: 27 May 2021 10:40 IST

PayPal to Allow Users to Withdraw Cryptocurrency to Third Party Wallets

US account holders will be able to buy, sell, and hold cryptocurrencies in their PayPal wallets

Highlights

PayPal planned to expand the service to peer-to-peer payment app Venmo
Bitcoin jumped as much as 6.5 percent to $40,904 (roughly Rs. 29.7 lakhs)
Ether climbed over 7.5 percent

PayPal said on Wednesday it plans to allow users to withdraw cryptocurrency to third party wallets.

The San Jose, California-based company, that opened its platform to digital currencies last October, at present does not let users move cryptocurrency holdings off its platform.

The news was earlier reported by Coindesk, citing comments from Jose Fernandez da Ponte, who leads PayPal's blockchain, crypto, and digital currencies business unit. Speaking at CoinDesk's Consensus 2021 conference, Fernandez da Ponte said, “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.”

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

Last year, PayPal said that US account holders will be able to buy, sell, and hold cryptocurrencies in their PayPal wallets. PayPal planned to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.

Other mainstream fintech companies, such as mobile payments provider Square and stock trading app firm Robinhood Markets, allow users to buy and sell cryptocurrencies.

On Wednesday, Bitcoin (price in India) climbed back above $40,000 (roughly Rs. 29 lakhs) for the first time this week, as recent volatility in the cryptocurrency market showed few signs of dampening down.

PayPal to Shut Down Domestic Payments Business in India From April 1

Bitcoin jumped as much as 6.5 percent to $40,904 (roughly Rs. 29.7 lakhs). Smaller coins, which tend to rise and fall with the largest cryptocurrency, also gained, with Ether (price in India) climbing over 7.5 percent to over $2,906 (roughly Rs. 2.1 lakhs).

© Thomson Reuters 2021

It's Google I/O time this week on Orbital, the Gadgets 360 podcast, as we discuss Android 12, Wear OS, and more. Later (starting at 27:29), we jump over to Army of the Dead, Zack Snyder's Netflix zombie heist movie. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.