PayPal’s support for cryptocurrencies looks to be deepening, with the company announcing that customers would be able to withdraw their crypto holdings to third-party wallets. The development, originally reported by Reuters, has happened only seven months after PayPal made cryptocurrency transactions possible on its platform.
The ruling was hailed at the occasion as a watershed moment in the general acceptance of digital assets. PayPal customers will be able to transmit their cryptocurrencies to other wallets rather than storing them on the platform or selling them for fiat money withdrawals.
PayPal is yet to announce the availability of the cryptocurrency withdrawal functionality. If the initial launch of third-party wallets is along the lines of PayPal’s decision to allow bitcoin purchases last autumn, it will be systematic and location-based.
PayPal’s acceptance of cryptocurrency appears to be based on a well-defined plan, with digital-asset applications cases expected to develop significantly over time. Notably, CEO Dan Schulman sated that within the next 10 years, there will be a “tremendous drop in the use of currency,” stating:
“All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.”
Schulman also stated earlier in the month that PayPal’s crypto division was already generating profits to the corporation. “With our crypto initiatives, we have a great deal of very amazing achievements happening on tactically.”
