PayPal is working on a cryptocurrency withdrawal function

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.

"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," da Ponte said. "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."

PayPal hasn't set a date for the debut of its withdrawal feature. The company has opened its doors to digital assets since last November, first in the United States. In March 2021, PayPal enabled US-based consumers to pay merchants in cryptocurrencies through a feature called 'Checkout With Crypto,' which will be available globally at some point this year.

The interesting part of this service is that PayPal will not charge any transaction fees for using the crypto checkout service. However, you can not use multiple coins for a single purchase. This means that only one type of coin can be used for each purchase. To recall, PayPal introduced the ability to store, buy and sell cryptocurrencies to its digital solution.

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