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28-05-2021 | World

PayPal to allow users to withdraw cryptocurrency to third party wallets.

The San Jose, California-based startup, which began accepting digital currencies last October, currently does not allow customers to take Bitcoin holdings off its site.

The news was initially reported by Coindesk, which cited PayPal's blockchain, crypto, and digital currency business unit leader, Jose Fernandez da Ponte, as the source. At CoinDesk's Consensus 2021 conference, Fernandez da Ponte stated, "They want to bring their crypto to us so they can utilise it in commerce, and we want them to be able to take the crypto they obtained with us and take it to the destination of their choice."

PayPal said last year that US account members will be able to purchase, sell, and store cryptocurrencies in their PayPal wallets. In the first half of 2021, PayPal expected to expand the service to its peer-to-peer payment app Venmo and a few other nations.

Other mainstream fintech companies, such as Square, a mobile payments provider, and Robinhood Markets, a stock trading app, allow users to buy and sell cryptocurrencies.

Bitcoin (price in India) surpassed $40,000 (roughly Rs. 29 lakhs) for the first time this week on Wednesday, as recent volatility in the cryptocurrency market showed no signs of abating.

Bitcoin increased by up to 6.5 percent to $40,904. (roughly Rs. 29.7 lakhs). Smaller coins, which tend to rise and fall with the largest cryptocurrency, also climbed, with Ether (price in India) rising more than 7.5 percent to more than $2,906 per coin.

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