PayPal\u2019s embrace of cryptocurrencies appears to be growing after the payments provider revealed that it will allow users to withdraw their digital assets to third-party wallets.\u00a0<\/p>\n
The news, which was reported by Reuters Wednesday afternoon, comes just seven months after PayPal first enabled crypto purchases on its platform. At the time, the decision was heralded as a major milestone in mainstream recognition of digital assets. <\/p>\n
The Wednesday announcement means PayPal users will be able to send their cryptocurrencies to other wallets instead of just holding it on PayPal or selling it into fiat currency for withdrawal. However, neither Reuters nor PayPal has specified when the crypto withdrawal feature would be supported. If it\u2019s anything like PayPal\u2019s decision to enable cryptocurrency purchases last fall, the initial rollout of third-party wallets could be gradual and location-based. <\/p>\n
PayPal\u2019s embrace of crypto appears to be rooted in a clearly defined strategy that sees digital-asset use cases growing rapidly over time. As Cointelegraph previously reported, CEO Dan Schulman believes we will see a \u201ctremendous decline in the use of cash\u201d over the next decade, adding:<\/p>\n
\u201cAll form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.\u201d<\/p><\/blockquote>\n
Earlier this month, Schulman also indicated that PayPal\u2019s crypto business was already paying dividends for the company. \u201cWe\u2019ve got a tremendous amount of really great results going on tactically with our crypto efforts,\u201d he said.<\/p>\n