Paypal has reportedly rolled out a new facilitating feature for third-party wallet withdrawals of virtual assets – showing its increasing pro-attitude towards crypto. 

Particularly, the development reportedly surfaced 7 months after the payment giant made the crypto purchasing function available across its platform. During that time, the initiative was considered a significant milestone in mainstream recognition of digital assets.

With the new update, PayPal users will reportedly have the ability to transfer their crypto to different wallets, rather than just keep them in possession on Paypal, or convert it into fiat for withdrawing. 

The exact time the feature will be released officially is reportedly yet to be revealed, but it follows the pattern of the previous initiative from PayPal to roll out crypto purchases – in the fall of 2020 – the initial release of third-party wallets may be gradual and dependent on geological areas.

PayPal’s supporting stance towards crypto reportedly seems to be rooted in a strategy with a clear definition, which sees crypto assets use cases incline quickly gradually. 

“All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapping your credit card.” Head of PayPal, Dan Schulman, reportedly showed an optimistic outlook regarding the significant slump in cash usage within the following decade. 

In May 2021, Schulman additionally disclosed that PayPal’s crypto business was already generating dividends for the firm, with “a tremendous amount of really great results going on tactically with our crypto efforts”.