PayPal is working on a cryptocurrency withdrawal function

Take the editor: In the crypto community, there is a popular expression that applies here. “Not your keys, not your coin,” means that if you don’t own the private keys associated with your cryptocurrency, you don’t really own it. With PayPal, you essentially trust your crypto to third parties, but the ability to move your holdings from the platform is coming soon.

PayPal soon addresses one of the biggest weaknesses of cryptocurrency on its platform.

Later Mid-october And to this point, PayPal offers users the ability to buy, sell and hold four types of cryptocurrencies on its platform: Bitcoin, Ethereum, Bitcoin Cash and Litcoin. In particular, the crypto you purchase cannot be transferred from PayPal to a standalone wallet.

For some, the risk versus the reward against someone managing your keys is worth the gamble. Some informal crypto players do not want the stress of managing their own coins. We are listening to people time and time again Lost or forgot their private keys, Ignoring any chance that they will ever regain their holdings.

While it may seem highly unlikely that PayPal will lose all of its customers ’holdings overnight, that situation will not be a concern if you have your own keys stored in a private wallet. And PayPal is working towards that.

During the recent CoinDesk conference, the VP of Crypto on PayPal, Jose Fernandez da Ponte, Said The company is actively working on a return ceremony.

“We want to make it as open as possible, and we want to give our consumers a choice, which will allow them to pay in any way,” Da Ponte said. “They want to bring their crypto to us so they can use it in business, and we want them to take the crypto themselves and take it to the destination of their choice.”

PayPal has not set a date for the return of the return feature, but has added capacity for users Pay for goods and services with crypto Back in March

Image credit Jirapong Manustrong, Lucas Gojda

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