PayPal and Robinhood Intends to Allow Crypto Withdrawals

PayPal and Robinhood crypto have disclosed that they are gearing up to allow their customers the crypto withdrawal. Both the apps include cryptocurrency investing functionality. They have shown intent to enable their users to withdraw their Bitcoin and other cryptocurrencies to external wallets.

Presently, both apps have enabled users to buy and sell cryptocurrency, but the apps don’t give complete control over the crypto assets they purchase. It works like IOUs which enable users to get the details of the price action of cryptocurrency they purchase. But the firms are planning to change this working and revolutionize their platform.

PayPal’s blockchain chief Jose Fernandez da Ponte disclosed that PayPal devises plans to launch cryptocurrency withdrawal functionality. Chief further added that the firm is trying to enable the users to pay in any way they want to pay. Additionally, Fernandez revealed that the customers are wishing to bring their crypto to PayPal so they can utilize it in commerce. So, the firm is striving to fulfill the demands of users and help them to use their crypto wherever they want

PayPal’s blockchain chief hasn’t disclosed when the firm will launch this new functionality. The cryptocurrency offers were enabled on PayPal in October last year. Since then, the firm is striving to make it possible for users to devote their crypto balances to dealers that admit PayPal. The firm also launched a cryptocurrency investing feature to its subsidiary Venmo.

On the other hand, Robinhood has enabled cryptocurrency on its platform in 2019. Robinhood is offering more cryptocurrencies than PayPal. It offers 7 cryptocurrencies as compared to the 4 on PayPal. The firm is also not allowing users to deposit their cryptocurrency or withdraw the crypto they purchase to an external wallet yet.