PayPal To Enable Crypto Withdrawal While Stablecoin Remains Speculation
Haven been internet mode of money transfer for just over two decades, PayPal sees money transforming before it and is determined not to be a speculator as it enabled crypto payment earlier in the year. Back in April Venmo a PayPal payment mobile App enabled buying and selling of crypto.
PayPal's interest in crypto continues to grow as the company recently announced it will be enabling crypto withdrawals.
We want to make it as open as possible, and we want to give choice to our consumers,” da Ponte explained during the conference. “We want them to be able to take the crypto they acquired with us and take it to the destination of their choice
Source
I have been yet to use PayPal since it enabled crypto payments and if I were to use PayPal I want to be able to withdraw if to my wallet of choice instead of just payment. Most cryptocurrency users are still traders and HODLers with very few being spenders at this stage.
For the newbie looking at getting in on crypto this could be another channel to buying crypto and sending it to a wallet of their choice which is a win for PayPal as it intends to be in the mix of the evolution of cryptocurrency.
The rumors over PayPal launching a Stablecoin still remains a speculation at this stage as da Ponte, a PayPal executive stated "This is way too early" while that is not a definitive answer, PayPal stableocoin might be in the near or long term plans with PayPal keen on being in the midst of crypto happenings.
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