PayPal and Venmo users who dabble in cryptocurrency will be able to move their digital coins to third-party wallets in the near future. Currently, users can buy and sell cryptocurrency on the platform, but they can't send it elsewhere. That's about to change.
It's not clear exactly when the platforms will enable transfers to external wallets. However, PayPal's vice-president and general manager of blockchain, crypto and digital currencies, Jose Fernandez da Ponte, confirmed in an interview with (via ) that they will soon.
“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”
PayPal dove into cryptocurrency late last year, when it . But only letting people buy, hold, sell and check out with those coins limited their utility. PayPal essentially treated them as investment assets rather than currency you can send to other people, as you can with cash.
Nevertheless, PayPal has made it easier for people to dip their toes into the world of crypto in recent months. Although recent sharp dips for many coins have underscored the volatility of digital currencies, more folks might be tempted to venture into bitcoin et al now they can do so in an app they may already use. Support for third-party wallet transfers could entice more people to explore crypto on the platform.