Customers who have bitcoin in their PayPal accounts will soon be able to move the monies to external digital wallets rather than merely holding or spending them, according to Coin Desk.
According to CoinDesk, PayPal Head of Blockchain Services Jose Fernandez da Ponte discussed the company's plans during a CoinDesk-hosted conference named Consensus 2021.
In a filmed session made accessible by CoinDesk, he added, "We want to make it as open as possible, and we want to give our users options." “[Same] as we allow people pay in any method they want, we want them to bring their crypto to us so they may use it in commerce, and we want them to take the crypto they earn with us and send it to whatever destination they choose.”
According to CoinDesk, da Ponte also stated during the conference that PayPal's own stablecoin is "far too early."
“It totally makes sense that central banks would issue their own tokens,” da Ponte allegedly remarked at the conference when asked about his hopes for central bank digital currencies (CBDCs).
Since March 30, when it announced that U.S. customers will be able to use Bitcoin as a payment option, PayPal has been busy in the cryptocurrency field.
In April of this year, the business announced that consumers will be able to link their PayPal accounts to Coinbase's digital wallets. PayPal's famous Venmo payment app is used for the connection.
Paypal Senior Vice President and Venmo General Manager Darrell Esch said in a prepared statement on April 20 that “Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives. “Regardless of where you are in your cryptocurrency journey, crypto on Venmo will enable our audience to learn about and experiment with cryptocurrencies on a secure platform, right inside the app they already use. Our objective is to develop an easy-to-use platform that streamlines the process of buying and trading cryptocurrencies while also demystifying some of the most prevalent consumer issues and misconceptions.”
Source : PYMNTS
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