PayPal allows users to send Bitcoin outside of PayPal

PayPal has sparked excitement in the crypto markets last year by announcing that millions of users can buy and sell Bitcoins. The news is seen as a milestone in integrating cryptocurrency into the company's Venmo service, as well as its decision to buy Bitcoin – but the offer has also been criticized. Skeptics said it was not "real" Bitcoin because PayPal users could only buy and sell it and not send it to others. Now PayPal seems ready to fix the problem. Jose Fernandez da Ponte, head of blockchain and cryptocurrency at PayPal, said Wednesday by Consensus that the company will add support for third-party wallet transfers, meaning that PayPal and Venmo users cannot send Bitcoin to others. platforms, services such as Coinbase, as well as external crypto wallets. "We want to make this as clear as possible, and we want to give our consumers a choice," says Fernandez da Ponte. He added that PayPal wants its customers to "bring cryptocurrencies to us so they can be used in trade, and take the cryptocurrency they buy from us to where they choose". "We understand that these tokens will be more useful if you can move them, so we're definitely looking into how we can get cryptocurrency transfers to and from people's PayPal addresses," said Fernandez da Ponte. However, it refused to provide further details on when PayPal will launch the new service exclusively or how it will handle blockchain transactions made when users send and receive cryptocurrencies. PayPal Acquires Crypto Security Firm Curv For Nearly $ 200 Million Currently, PayPal relies on blockchain infrastructure provider Paxos to run its Bitcoin business, and more generally, a variety of other partners to support its global financial operations. This indicates that the company can also trust Paxos or another crypto partner.

Join the Discussion

  • BrokerEUR/USD
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top