20 June 2026
PayPal to Let Users Send Cryptos Out of PayPal
Payments Firm, PayPal, will soon add support for third-party wallets, enabling users to move cryptocurrencies into external wallets.
Last year, PayPal had created a stir in the Crypto space when it announced users in the U.S would be able to buy and sell Bitcoin on its platform via its Venmo service. However, this decision received much criticism over the fact that users could not send Crypto out of PayPal and can only buy or sell.
The company now is seeking to address this issue. Speaking at Consensus, PayPal's head of blockchain and Crypto, Jose Fernandez da Ponte said the company would be adding support for third-party wallet transfers meaning that PayPal and Venmo users will be able to move Crypto to an external wallet of their choice.
"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," he explained. "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."
Da Ponte did not give further details about the integration of this new feature. But he pointed out that the company introduces new developments every two months on average.
Currently, PayPal is relying on blockchain infrastructure provider Paxos to handle its Bitcoin transactions. This suggests that the latter will be handed the task of integrating the new feature. The company also added crypto-security firm Curv to its portfolio this year, adding responsibility on their shoulders too. There were rumours of PayPal developing a stablecoin. However, Fernandez da Ponte declined to provide further details but did not deny the rumour.
Disclaimer: The author's views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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