The project would be in the pipes of the secure payment platform since the year 2021 and would allow holders of cryptographic assets to transfer them to other digital wallets, a feature that has been extremely expected since the launch of the shopping service. sales and savings of crypto-currencies since the end of 2020.
The information was given during CoinDesk’s virtual Consensus event in 2021, that Jose Fernandez da Ponte, senior vice president, blockchain, crypto and digital currencies at PayPal, said that plans to allow users to move their coins to third-party wallets were in the works.
“We definitely respond to user demand, that’s one aspect”said José Fernandez da Ponte in a recent interview . “We’ve also been very ‘loud’ since entering this space, because we’re a payment and commerce company, and we believe our role in the ecosystem is to increase access to it. »
A gradual rollout of the feature, but only in the US for now.
The ability to move bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) from PayPal’s crypto platform to external wallets will be available from Tuesday for a select few US users , to then be rolled out to all eligible US customers in the coming weeks.
By enabling its customers to send and receive cryptocurrencies, PayPal has quickly become the world’s largest blockchain-enabled consumer digital wallet, according to Walter Hessert, chief strategy officer at Paxos, an infrastructure provider for PayPal. .
In a statement, he said the platform was “a monumental step in the widespread adoption of digital assets and Web3”.
Crypto transfer and intermediation, a future solution for PayPal.
According to a forecast established in a very pragmatic way, on the increased use of the platform with the implementation of this new transfer functionality, “the first signs in terms of demand are very promising”, said Jose Fernandez da Ponte.
“We now have a ton of people who have embraced the core product, and as they grow, they want to do more things. So it’s less about bringing in sophisticated users from outside than continuing the learning curve of our base. » he continues.
Despite the constant shifts in the crypto market, what’s happening at PayPal is proving even more interesting since its acquisition of Curv sometime in March last year, and at the start of this year, even exploring other possibilities by backing the creation of a specific PayPal corner for USD.
“We want people on our platform acquiring digital currencies to be able to then use them to do something, whether it’s buying NFTs or interacting with games or other things, and stablecoins are a component of that and are really important for the commerce and payments aspect to grow,” closed Fernandez da Ponte.
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Paypal: Crypto Asset Holders Can Now Transfer To Different Wallets
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