[Blockchain Today Reporter Jieun Lee] In the future, PayPal users will be able to withdraw digital assets to third-party wallets.
According to a Reuters report delivered by Cointelegraph on the 26th (local time), PayPal announced that it would allow digital assets to be withdrawn to external wallets on the day. This is also a decision seen as an important milestone in the mainstream recognition of digital assets.
The announcement of PayPal on this day means that you can send cryptocurrencies directly to other wallets, unlike before, which had to be held only within PayPal or sold in fiat currency for withdrawal. However, it did not specify when this feature will be supported. Considering PayPal’s decision to purchase cryptocurrency last fall, the launch of a third-party wallet withdrawal function may be gradual or regional.
PayPal’s acceptance of cryptocurrency seems to be an obvious strategic move, seeing the use cases of digital assets grow rapidly over time.
Earlier, PayPal CEO Dan Schulman said, “I believe we will see a huge decline in cash use over the next few decades. All aspects of payment will eventually end up with mobile phones.” The form factor of the credit card will disappear and you will be using the phone. “This is because the phone can add a lot more value compared to holding a card.”
Earlier this month, Schulman also said, “We are strategically producing huge amounts of cryptocurrency efforts.” He also mentioned that PayPal’s cryptocurrency business is already paying dividends to the company.
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