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Paypal Allows Withdrawal of Bitcoin and Ethereum to Personal Wallets

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PayPal users with Bitcoin and Ethereum stored on the platform can now withdraw their assets to external wallets. This means that PayPal buyers can finally store their coins on their own, a paramount feature for cryptocurrencies.

  • “Starting today, PayPal supports native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” the online payment provider said in a statement.
  • The external transfer feature is available to new users today and will be available in the US for two weeks.
  • PayPal began allowing users to buy, sell and store cryptocurrencies on the platform starting in 2020. These included Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, all of the big names at the time. Similar services were provided to the UK in September.
  • According to PayPal Terms and Conditions (updated today), external transfers only require an external wallet public address. Identification information – like this required in Europe, when withdrawing to independent wallets, they will not be requested.
  • Notably, Paypal does not charge its customers for cryptocurrency transactions, which sets it apart from the business model of most exchanges.
  • PayPal senior management has been optimistic about crypto assets for some time now. Co-founder Peter Thiel has a particular fondness for bitcoin, feeling that he underinvested in October.
  • “The intersection between CBDCs, stablecoins, digital wallets, and the extended utility of payments through cryptocurrencies is not just exciting, but I think will redefine a lot in the financial world going forward,” said CEO Dan Shulman in his keynote at Axis Tel Aviv. in March.

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Credit : cryptopotato.com

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