Global payment giant PayPal is now stepping ahead to carve out the possible ways for reliable purchasing and selling of Bitcoin (BTC) and other crypto assets via wallets. On the 26th of May, Jose Fernandez, the Vice President of the Business Development of PayPal, appeared at a virtual conference at CoinDesk where he disclosed that PayPal is carving out the possible ways to practically inculcate the crypto transaction on their platform, and he assured that soon customers would be facilitated to purchase and withdraw not only Bitcoin but also other crypto holdings as well. Embracing of cryptocurrencies by PayPal has been admired and appreciated by the crypto community as it is going to ease the process of deposit and withdrawal of crypto assets for third-party wallets.
What’s new about PayPal?
Formerly, PayPal was also dealing in crypto assets for buying and selling by means of its application named Venmo but still had to face criticism by the customers for not being able to send cryptocurrencies out of PayPal. Regarding this matter, PayPal officials contemplated, and on Wednesday the PayPal’s executive of cryptocurrency and blockchain technology disclosed their intended developmental plan via a virtual meeting that they are working on the aforementioned project, and soon PayPal will entertain the crypto community to transfer the crypto assets to external wallets easily and efficiently.
Moreover, executives assured that they are trying their level best to operationalize it as soon as possible with the aim to facilitate the consumers by allowing them to pay in any possible ways of their own choice. He was of the view that the crypto community is aimed to utilize the crypto assets in commerce to yield better profit ratio and payments solution, and the company is in favor of taking the customer’s assets to their desired destination in a secured and reliable way. It is important to note that PayPal is using Paxos for BTC transactions which are well-known for blockchain infrastructure.
During the conference, Da Ponte was being asked about the ongoing rumors that if PayPal is going to launch its own stablecoin, on which he rejected the rumor by saying that it is too early for such a step. He also said that distributing central bank digital currency (SBDC) would be best for generating revenue as United States is looking forward to launching CBDC while China has taken the step and is on the verge of launching it.
He was of the view that debates related to Stablecoins versus CBDC are mere fake as central banks developing CBDCs make sense.