Jose Fernandez da Ponte , vice president and General Manager Blockchain on PayPal, said the company is working on a new feature that will allow the withdrawal of bitcoins and cryptocurrencies , an important development that will lead the giant PayPal to compete with the most famous exchange and, with this move, could actually become one of the main gateways to the world of the cryptocurrency industry for those who are approaching for the first time this new world.
The combination of cryptocurrencies and PayPal is not new: in fact, at the end of October last year, it previously allowed the purchase and the sale of cryptocurrencies directly into US users' accounts, and then, a few months ago, it allowed them to make payments through PayPal using cryptocurrencies held in PayPal accounts.
Blockchain General Manager yesterday, during his speech at the Consensus 2021 conference, said that he wants to make the service that PayPal offers , to be as open as possible and offer users the ability to choose their preferred payment method, even with non-fiat currencies.
The decision to allow cryptocurrency withdrawals and deposits in a wallet integrated into the PayPal app has already been expected, if not taken for granted sooner or later to meet public demand. In fact, the crypto functionalities introduced by PayPal at the end of last year have been a huge success, so it would be simply absurd to limit yourself to offering exchanges or using payments.
However, release time of this new feature not yet known , nor is it known when other crypto services will be activated outside the US, especially in Europe.
And you? What do you think?
Will PayPal's Entry Disrupt the Cryptocurrency World or Be a Breath of Fresh Air?