PayPal and Venmo, two popular financial applications, will soon allow users to send their Cryptocurrency assets to third party wallets, eliminate the need to hold digital coins on one platform. This is a safer option for people who might have a large number of cryptocurrency, even though other people who prefer comfort can leave coins on their PayPal or Venmo accounts.
Jose Fernandez Da Ponte Paypal revealed the news during the recent 2021 consensus event held by Coindesk. Both PayPal and Venmo only recently supported support for Cryptocurrency, but it has been limited to purchasing, sales, holding, and checkout with Crypto – which means that if you buy Crypto with one platform, digital coins cannot be sent to your third wallet party.
Although keeping a number of cryptocurrency in your PayPal or Venmo account is convenient for those who often use it, it is not recommended to store a large number of Crypto anywhere but your wallet fully controls, such as hardware wallets or one set by your personal computer.
PayPal was launched with support only for some large cryptocurrency, but they are the same as what you use when making purchases – Bitcoin, ethium, and litecoin. Exchange such as Kraken and Coinbase allows users to obtain, sell, trade, and hold various coins, but may be more intimidating for those who are new in the world of digital money.
The ability to easily buy one of these main coins using a PayPal account that is much easier than making wire transfers to big Crypto exchanges. Now, the third-party wallet support comes in, it will make PayPal and Venmo two main options for the average consumer who wants to get some Crypto and for fans who want to buy goods with it.