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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

PayPal To Explore Crypto Withdrawals, Why It’s Bullish For BTC And ETH

Reynaldo Marquez
Reynaldo Marquez
4 years ago
3 mins read

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2020 was the year of mainstream crypto adoption and PayPal’s service based on Bitcoin, Ethereum, Litecoin, and others was an inflection point. The service allows its U.S.-based customer to buy, sell, and hold these cryptocurrencies.

Most recently, the payment processor also enabled a crypto checkout service and crypto trading with their subsidiary Venmo. Thus, its customer in the U.S. can purchase in the millions of affiliated merchants to PayPal. The company has been slowly expanding its service and has plans to expand it to its 350 million users worldwide.

Jose Fernandez da Ponte, PayPal’s Vice president of Global Business Development spoke at CoinDesk’s Consensus conference. The executive acknowledged the need for the company’s users to have more “freedom” and control over their tokens.

Fernandez da Ponte said that PayPal cares about the “utility” of the cryptocurrencies and added that this feature maximizes when users can “move them (their tokens) around”.

The company will allow its users to transfer crypto from PayPal’s wallet to their personal wallets and other addresses. Fernandez da Ponte said that the company hopes to deploy this functionality “soon”.

For this new feature, the payment processor seeks to provide technological optimization while it remains compliant with current regulations. The executive said:

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. 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.

How PayPal Can Contribute With A Rise In Bitcoin And Ethereum’s Price

Similar to Facebook’s Libra project, the payment company was rumored to be working on its own digital asset. However, the executive said that PayPal’s plans to launch their own stablecoin are still early in development.

Central bank digital currencies (CBDC) and digital assets control by banking institutions seem like a logical step in the evolution of money. This will make it easy for bankers to fulfill their “two priorities”: financial stability and access for everyone to the financial system.

Unlike many, Fernandez believes both CBDCs and stablecoins can co-exist in a multi-asset world but highlighted that there is much work to be done in this area.

Sometimes we position the debate as CBDCs versus stablecoins, but it’s a bit of a fake debate. There is no trade-off. We think they will co-exist. (…) On the subject of CBDCs, there are a lot of Powerpoints written, but not a lot of code written.

With Grayscale, PayPal was one of the main entities absorbing BTC, ETH, and other cryptocurrencies. Due to their Bitlicense, the company must hold real crypto at a 1-to-1 parity for every unit purchase by their users. Thus, it creates more buying pressure in the market.

At the time of writing, BTC and ETH are trading at $39,000 and $2,800, respectively. Both assets are recovering from a major correction over the past week and are still yet to show bullish signs in higher timeframes.

PayPal Bitcoin BTC BTCUSD Ethereum ETHUSD
BTC moving sideways after rejection at $40,000. Source: BTCUSD Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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