PayPal will soon allow users to withdraw their crypto funds, according to PayPal’s blockchain executive.
Speaking at Consensus 2021, Jose Fernandez da Ponte, VP at PayPal, said that a withdrawal function is on the way and will allow users to send their crypto to third-party wallets.
The withdrawal function comes after PayPal registered a tremendous interest in its crypto custodial service. “We want to make it as open as possible, and we want to give choice to our consumers,” he said.
PayPal’s Q1 results even surpassed the company’s expectations with over 6 billion in revenues in the first quarter of 2021 —a 31% record spot. Dan Schulman, the CEO, said the results were mainly thanks to their decision to integrate cryptocurrencies into Paypal.
Bitcoin for Paypal in Australia
Currently, PayPal does not support Bitcoin as a payment option for Australia. This services is currently only available in the USA (except Hawaii) for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Stay tuned, we will let you know once they enable this feature for us Aussies.
PayPal’s Own Stablecoin
After PayPal’s vice president Jonathan Auerbach reunited with central bankers worldwide, rumours circulated about a possible stablecoin issued by the payment giant. However, da Ponte said it is “too early to think about that.”
Sometimes we position the debate as CBDCs versus stablecoins, but it’s a bit of a fake debate. There is no trade-off. We think they will co-exist.
Jose Fernandez da Ponte, VP at PayPal
Speaking about stablecoins and CBDCs (Central Bank Digital Currency) —and whether one will overtake the other by global usage— da Ponte stated there is no debate against the two.
PayPal as the Gateway for CBDCs
While the payment processor is not currently working on its own stablecoin, da Ponte said financial institutions like PayPal can serve as a bridge for the distribution of CBDCs when the time comes.
To reinforce his view, he referred to how Americans had to go to a bank to cash their stimulus checks, in the midst of a pandemic. “I think we can do better than that” he added.