PayPal is adding Bitcoin to its Wallet
Despite of environmental and controversial ills coming from crypto giant Bitcoin, the digital payment platform still wanted to promote the cryptocurrency. Therefore, the users of the fingiant (financial giant) will be able to transfer their cryptocurrencies to other wallets instead of just having them in the wallets. As a reminder, before this announcement, the account holders of PayPal weren’t able to transfer the cryptocurrencies to others. But from now, this hurdle has been cleared by the digital firm.
PayPal Head of Blockchain Services “Jose Fernandez da Ponte” revealed the news of transferring Bitcoin to one another at a CoinDesk-hosted conference called “Consensus” 2021. “We want to make everything easy for our customers for the payment so that they don’t face any difficulty”, he said in a session. We want our users to bring anything they want for the payment even Bitcoin, he further added. When asked about the own digital coin by the company during a conference, the Head of Blockchain Services cleared that there are only rumours regarding the launch of its very own crypto-coin as it is way too early for them to launch a stable digital coin. Jose Fernandez da Ponte announced several features amid the live conference hosted by CoinDesk.
PayPal aimed to bring ease to the digital world of today by adding different payment methods, as per the reports. So that could be the reason PayPal is adding Bitcoin to its wallet. Notably, the company will let its users transfer cryptos only to Third-Party Wallets. As we all know, PayPal has been busy in the cryptocurrency sector after its announcement on March 30, 2021. Notably, the company announced that it would let its USA customers use cryptocurrency as a payment method. At first, the digital payment giant decided to initialize its payment methods from the USA which gradually will be increasing to other countries as well. The digital payments giant has started its policy of using cryptos in the users’ wallets in most countries of the world (exception where cryptocurrencies are banned).
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On the other hand, the company didn’t announce the exact date of launching the cryptocurrency on its platform. However, the company claimed in a statement that PayPal-ers will soon be benefited from the medium in terms of cryptos. Earlier in the last year, when the fintech giant brought Bitcoin, Ethereum and litecoin for the purchase method, it faced a little bit of backlash from the crypto community. The main reason for the backlash was the sharing of cryptocurrencies with each other on the platform. Meanwhile, the company was letting the users buy and sell cryptos and even convert those cryptos into dollars and cents.
At current date, PayPal uses Paxos and its other partners for the collaboration of its worldwide financial operations. However, it could get rid of its partners in the future, especially since it purchased crypto-security firm Curv. PayPal bought Curv in the first quarter of this year, as per the sources. PayPal is planning to build an in-house security system and software for its global financial operations, according to the company itself.