PayPal and Robinhood follow Revolut, schedule crypto withdrawals
Two large fintechs, Pay Pal and Robin Hood are both willing to follow in the footsteps of people like Revolut, with plans to allow crypto withdrawals to third-party wallets – a step that could see platforms intensify their competition with crypto exchanges.
Christine Brown, Crypto RobinhoodThe newly appointed COO told Decrypt the feature is coming, but refrained from “setting a deadline”, adding that it was a “difficult tool to implement. “.
Brown was also cited as explaining that traders need to be “pampered to learn that crypto transactions are irreversible,” as well as made aware of the risks of the decentralized finance (DeFi) industry and the price of gas fees.
“We want to make sure that we are building an experience – not just the technical basis of sending and receiving parts, but the user experience around it – that is intuitive, that makes sense and that reduces risk. for our users.
Brown went on to say that the next steps could see the platform transform into “some kind of financial super app,” similar to Coinbase, with staking and loan functions also in pipelines.
Meanwhile, Jose Fernandez da Ponte, head of PayPal’s blockchain, crypto and digital currencies division, said at the Coindesk Consensus event:
“We want to make it as open as possible, and we want to give our consumers a choice, something that will allow them to pay the way they want. They want to bring their crypto to us so that they can use it in trade, and we want them to be able to take the crypto they have acquired with us and bring it to any destination of their choice. “
Da Ponte, like Brown, did not say when this new feature would be available.
On Reddit, some users thought the “good news” could “make PayPal a competitor for Binance and Coinbase ”- especially if the payments giant decided to add support for more altcoins.
Last month, Revolut started allowing its UK-based premium account holders to withdraw bitcoin (BTC) to third-party wallets in beta mode. Withdrawals were initially capped at just over $ 700 per day.
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