Jose Fernandez da Ponte, Vice President and General Manager Blockchain of PayPal said that the company is working on a new feature that will allow withdrawals of Bitcoin and cryptocurrencies, an important development that will bring the giant PayPal to compete with the most famous Exchange and, with this move, in fact, could become one of the main portals of access to the world to the cryptocurrency industry for those who approach this new world for the first time.
The combination of cryptocurrencies and PayPal is not a new one: in fact, at the end of October last year, it had previously enabled the buying and selling of cryptocurrencies directly on the accounts of its US users, and then, a few months ago, it allowed them to make payments through PayPal using cryptocurrencies stored on PayPal accounts.
The General Manager Blockchain yesterday, during his speech at the Consensus 2021 conference, said that he wants to make the service PayPal offers as open as possible and offer the possibility to let consumers choose the payment method they prefer, even with non-fiat currencies.
The decision to allow withdrawals and deposits of cryptocurrencies in a wallet integrated within the PayPal app was already expected, if not taken for granted sooner or later in order to meet public demand. In fact, the crypto functionalities introduced by PayPal at the end of last year were a huge success, so it would have been simply absurd to limit oneself to offering exchanges or the use for payments.
However, the timing of the release of this new feature is not yet known, nor is it known when other crypto services will be enabled outside of the US, particularly in Europe.
And you? What do you think?
Will the entry of PayPal upset the world of cryptocurrencies or will it be "a breath of fresh air"?
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