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PayPal to Allow Its Customers to Withdraw Bitcoin and Other Cryptocurrencies

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Wed, 05/26/2021 - 18:26
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Alex Dovbnya
PayPal will soon allow its customers to withdraw cryptocurrencies
PayPal to Allow Its Customers to Withdraw Bitcoin and Other Cryptocurrencies
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Payments giant PayPal is set to add support for cryptocurrency withdrawals to third-party wallets. 

Jose Fernandez da Ponte, VP and General Manager of the company's blockchain and cryptocurrency division, announced the new functionality during CoinDesk’s Consensus 2021 conference:   

We understand there is more utility to those tokens if you can move them around, so we are definitely exploring how we can let people transfer crypto to and from their PayPal addresses.

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PayPal CEO Makes First Bitcoin Purchase with New Crypto Checkout Service

It's unclear when PayPal users will finally be able able to transfer their tokens off the app.        

The company initially rolled out its cryptocurrency offering in October 2020 before gradually expanding it.  

PayPal is also in the "very early" stages of rolling out its own stablecoin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.