PayPal intends to allow its users to send cryptocurrency to third-party crypto wallets. The report was confirmed by a news portal Reuters. According to Da Ponte, Paytm aims to make it easier for its customers to withdraw cryptocurrency in the way they desire, which is why the company is aiming to introduce this feature. However, the company has yet to confirm a date for the rollout of this feature in PayPal.
Last year, PayPal surprised its consumers by adding a feature to allow its users to buy, sell, hold, and pay bills in the form of cryptocurrencies. By introducing this feature the online digital wallet promotes individuals to utilize their platform to pay bills at shops, restaurants, and other merchants using cryptocurrencies. According to Da Ponte, cryptocurrencies could make it easier for people living in rural areas to fulfill their financial needs. However, he also stated that cryptocurrencies still require a lot of improvement.
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It’s also been speculated that PayPal would create its own virtual currency soon, though the PayPal founders have yet to confirm this. By offering features for cryptocurrency users, PayPal intends to compete with other cryptocurrency platforms and become a significant digital wallet platform around the world. On the one hand, the feature provides numerous benefits to PayPal users who are buying, selling, or withdrawing cryptocurrency, however, utilizing PayPal to acquire cryptocurrency does not grant users ownership of the currency.