PayPal Announces Users Can Move Their Crypto To Third-Party Wallets
Milestone Date: June 10, 2022
PayPal CEO, Dan Schulman, says that allowing its users to move their cryptocurrency holdings off the Paypal platform and into third-party wallets is a "first step away from the fiat world" and a recognition of the growing importance of digital currencies. He noted that PayPal had received many requests from customers to allow them to move their cryptocurrency holdings off the platform, and the company listened to this feedback.
PayPal's decision to allow users to move their cryptocurrency holdings off the Paypal platform was part of the company's efforts to stay ahead of the curve as the advancement toward digital currencies continues to grow.
“We will instantaneously take your crypto and translate it into fiat, and you will be able to use that in any one of our 35 million merchant accounts, so we are trying to add functionality,” Schulman said. “But what we just did with transfers is kind of like the opening step, as you might think about us moving from a fiat-orientated world to a digital currency one.”
During a panel session at Consensus 2022, Schulman emphasized that PayPal would continue to operate within the existing regulatory framework, and that the company is committed to maintaining a strong compliance program. He also noted that PayPal was exploring the potential of central bank digital currencies (CBDCs) and was open to partnering with central banks on CBDC projects.
Allowing users to move their cryptocurrency holdings off the PayPal platform is a significant step toward mainstream acceptance of digital currencies. It gives users more control over their digital assets and makes it easier for them to use digital currencies for transactions outside of the PayPal ecosystem. PayPal appears to be positioning itself to play a key role in the future of digital currencies, whether that be through partnerships or through its own initiatives.
By Elizabeth Morrison
Published:June 10, 2022