PayPal Holdings Inc. (NASDAQ:PYPL) will finally allow users to withdrawBitcoin(BTC),Ethereum(ETH), and other cryptocurrencies to third-party wallets, according to areportby CoinDesk.
What Happened: PayPal's head of cryptocurrency, Jose Fernandez da Ponte, reportedly made the announcement at CoinDesk’s Consensus 2021 conference on Wednesday.
da Ponte said PayPal is working on adding support for third-party wallet transfers but did not provide details about when the feature will be available.
PayPal hasallowedits customers to buy cryptocurrencies since last October, but currently does not allow them to transfer cryptocurrency holdings out of PayPal and into private wallets.
Why It Matters: Cryptocurrency proponents have long maintained the "Not your keys, not your Bitcoin" mantra. PayPal and Robinhood customers don't have access to their cryptocurrency wallets on the platform and the services have faced criticism over not allowing withdrawals.
Robinhood in February said it planned on letting its customersbe able to withdrawtheir cryptocurrency holdings.
PayPal’s move is also likely a result of higher demand for its crypto services. It wasreportedin March that the Peter Thiel-co-founded company is purchasing Curv, a technology firm, engaged in the secure storage of cryptocurrencies.
Price Action: PayPal closed almost more than 1% higher in Wednesday’s regular trading session at $261.37, but declined less than 0.1% in the after-hours session to $261.22.
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