PayPal to allow users to withdraw cryptocurrency to third party wallets

FILE PHOTO: The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration//File Photo

(Reuters) – PayPal Holdings Inc said on Wednesday it plans to allow users to withdraw cryptocurrency to third party wallets.

The San Jose, California-based company, which opened its platform to digital currencies last October, at present does not let users move cryptocurrency holdings off its platform.

The news was earlier reported by Coindesk, citing comments from Jose Fernandez da Ponte, who leads PayPal’s blockchain, crypto and digital currencies business unit. (bit.ly/2QT8c9M)

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