PayPal Is Going to Enable Withdrawing the Crypto Assets Onto the Side Wallets

Jose Fernandez da Ponte, a vice president of the blockchain department in PayPal, announced that the company already works on enabling the withdrawal of funds in crypto assets onto the side wallets. At the moment, cryptocurrency can’t be withdrawn from the platform, only purchased, sold and stored. The service is available for the U.S. residents.

Ponte said they try to meet the demand of their users, this is why they seek the ways to enable any type of interaction with the crypto assets their customers want to have. The company works together with the central banks who are going to issue stablecoins but doesn’t plan to have one of their own in the nearest future.

Ponte believes that both cryptocurrencies, CBDCs and stablecoins can exist on the market without replacing each other. He declared that PayPal will become a key environment for the adoption of CBDCs, considering the fact that the demand for digital assets grew way bigger than the company expected.

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