PayPal to allow users to move cryptocurrency to third-party wallets

US fintech giant PayPal has announced it’s planning to allow users to withdraw cryptocurrency holdings on its platform and move them to third-party wallets.

“We want to make it as open as possible, and we want to give choice to our consumers – something that will let them pay in any way they want to pay,” Jose Fernandez da Ponte, Paypal’s general manager of blockchain, crypto and digital currencies, said on Wednesday at CoinDesk’s Consensus 2021 conference.

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The California-based company opened its platform to digital currencies in October, but users had not been allowed to withdraw cryptocurrency to third-party wallets.

“They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice,” da Ponte said.

READ MORE: PayPal eyes launching cross-border payments wallet in China

Da Ponte didn’t specify a timeframe, but noted that new developments on the PayPal platform are common about every two months on average.

Cryptocurrencies have attracted substantial funds from big investors over the past year. The inflows triggered massive rallies in the price of most virtual assets, pushing the global crypto market cap to $2 trillion.

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