Original title: PayPal will allow users to extract cryptocurrency to a third-party wallet
May 27th news, according to foreign media reports, payment service provider PayPal (PayPal) revealed on Wednesday that it will allow users to transfer digital assets to third-party wallets. This means that PayPal and Venmo users can not only send bitcoin to users within the platform, but also extract it to platforms such as Coinbase and external cryptocurrency wallets.
However, PayPal has not disclosed when the encryption extraction function will be available. PayPal's embrace of encryption seems to be rooted in a clear strategy that digital asset use cases grow rapidly over time. Jose Fernandez da Ponte, head of PayPal blockchain and encryption, said: "We want to make it as open as possible and want to give our consumers the choice to pay in any way they want." There are rumors that PayPal plans to launch its own stable currency, but Ponte said "it is too early."
In addition, he says it makes sense for central banks to issue their own tokens. But he does not accept the general view that only one stable currency or CBDC will dominate.
Earlier this month, CEO Shulman also said that PayPal's encryption business had made a lot of money for the company. The company's first-quarter results were better than expected, with adjusted earnings of $1.22 billion, beating analysts' average expectations of $1.01 billion. Customers who buy cryptocurrencies through the platform log on to PayPal twice as often as before, the company said.
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