After years of hesitation, PayPal continues to double down on cryptocurrency.
Soon, PayPal users in the U.S. will be able to transfer, withdraw, and exchange their crypto (like Bitcoin) across popular third-party platforms and digital wallets like Coinbase, the company’s VP of Global Business Development Jose Fernandez da Ponte announced Wednesday at the Consensus 2021 conference. It is yet another step in PayPal’s recent efforts to fully support and become a part of the unwieldy landscape of the cryptocurrency ecosystem.
By not restricting users to users to utilizing their digital currencies exclusively through PayPal platforms, it addresses previous backlash the company got from the crypto community. Its previous approach, which excluded third-party wallet apps where a lot of people’s crypto lives, was criticized for running counter to the most fundamental principle of crypto.
However, it should be noted that da Ponte offered no further details on how this new policy would be implemented, nor a timeline on when it would be made available to users.