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.
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.