After years of hesitation, PayPal continues to double down on cryptocurrency.
Soon, PayPal users in the U.S. will be able to transfer, withdraw, and exchange their crypto (like Bitcoin) across popular third-party platforms and digital wallets like Coinbase, the company’s VP of Global Business Development Jose Fernandez da Ponte announced Wednesday at the Consensus 2021 conference. It is yet another step in PayPal’s recent efforts to fully support and become a part of the unwieldy landscape of the cryptocurrency ecosystem.
For a while, the OG online payment platform resisted crypto, preferring to mostly stick with good old-fashioned IRL money. In 2019, it even backed out of supporting Facebook’s ill-fated Libra project. But in October 2020, PayPal made a big move to embrace digital currency by announcing it would finally allow users to buy, sell, and store cryptocurrencies through its own online wallet service. Then in March 2021, it finally allowed Bitcoin to be used as a form of payment, and the PayPal-owned Venmo app quickly followed suit by permitting users to buy and sell Bitcoin in April. Read more…
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