On Wednesday, Jose Fernandez da Ponte, head of PayPal’s blockchain and encryption, said at the Coindesk Consensus Conference that the company will increase support for third-party wallet transfers, which means that PayPal and Venmo users can not only send bitcoins to users on the platform , And can also be withdrawn to platforms such as Coinbase and external cryptocurrency wallets.
Ponte said: “We want to make it as open as possible, and we want to give our consumers the option to pay in any way they want to pay. They want to bring their cryptocurrency to our platform for commercial use. Activities, and we hope they can achieve this goal.”

Fernandez da Ponte declined to provide further details, such as when PayPal will launch a new service or how it will handle blockchain transactions created when users send and receive encryption. The company releases new development results every two months on average, and it is not clear when the withdrawal function will be released.

There are rumors that PayPal plans to launch its own stablecoin, but Ponte said that “it’s too early.”

He said: “It is absolutely reasonable for central banks to issue their own tokens.” But he does not accept the general view that only one stablecoin or CBDC will dominate.

Ponte believes that central bank governors have two priorities: financial stability and universal access. There are many ways to achieve the stability of digital currencies. Not only can fiat currencies support stablecoins, but also CBDC can be used to support stablecoins.

He said that digital currencies may help expand access to the financial system.

In Ponte’s view, digital currencies are not yet ready to provide people all over the world with significantly reduced payment costs.

PayPal opened some cryptocurrency transactions to U.S. customers in November, and began to allow users to use cryptocurrencies to purchase goods and services in March.

The company reported better-than-expected first-quarter results, with adjusted earnings of US$1.22 billion, exceeding the average analyst estimate of US$1.01 billion. The company said that customers who purchase cryptocurrencies through the platform log in to PayPal twice as often as they did before purchasing cryptocurrencies.

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