PayPal recently allowed Venmo users to to trade with cryptocurrency but clearly they do not plan to stop there. The company also announced that it plans to allow its users to withdraw their digital coins to third-party wallets.
PayPal started dealing in cryptocurrencies last October and so far it has not allowed customers to transfer their cryptos outside the company’s network.
Jose Fernandez da Ponte, director of PayPal’s block chain, announced the following:
“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,” and also added that customers “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.”
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What I am curious is when or whether banks will begin doing this.