Blockchain
By Sydney TheCMO
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PayPal is reportedly planning to start allowing users on its platform to transfer cryptocurrencies to external wallets, meaning that the company is fully embracing opportunities…
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Jose Fernandez da Ponte, the blockchain lead at PayPal revealed during the Consensus 2021 conference held by CoinDesk, that the remittance company is working on a crypto…
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Da Ponte stated that PayPal wants to make its platform as open as possible so that its users will have the choice of making payments with their preferred means.
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What the latest news means for the cryptocurrency market
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The PayPal cryptocurrency decision to start facilitating cryptocurrency transactions to external wallets is a win-win situation for all parties involved.
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For users, the announcement means the involvement of a traditional finance company will encourage more crypto adoption.
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PayPal’s cryptocurrency position in the market also creates another major unforeseen strategic advantage as a medium of distribution for cryptocurrencies.
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The move also has some interesting consequences for any plans to roll out central bank digital currencies.
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PayPal would be an ideal medium for CBDCs and this is likely why the company is now diving deeper into crypto-related services.
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Da Ponte was presented with the question but did not express optimism in the likelihood of a PayPal cryptocurrency token going down that road.
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PayPal’s main current focus seems to be on integrating the ability to facilitate transactions, which means blockchain integration.
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