PayPal will allow users to withdraw crypto funds into third-party wallets

• PayPal Holdings is now allowing users to withdraw cryptocurrencies to third-party wallets, CoinDesk reported.
• For now, users cannot move cryptocurrencies out of the platform.
• The new feature announced Wednesday also applies to Venmo, PayPal's payments service.

Online-payments giant PayPal Holdings is now allowing users to withdraw cryptocurrencies to third-party wallets, the company told CoinDesk on Wednesday.

"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," PayPal head of cryptocurrency Jose Fernandez da Ponte said during CoinDesk's Consensus 2021 conference.

He added: "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."

For now, users cannot move cryptocurrencies out of PayPal although they can buy, sell, and hold digital currencies, a feature offered since October 2020.

The new feature announced Wednesday also applies to Venmo, PayPal's payments service. Venmo in April allowed users the option to invest in four crypto assets: bitcoin, ethereum, litecoin, and bitcoin cash.

The online giant in November 2020 introduced its new crypto service that lets its users buy, sell, and hold cryptocurrencies to capitalize on the burgeoning cryptocurrency payments market.

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