PayPal expands bitcoin integration: withdrawals possible soon?

PayPal is offering Bitcoin transfers to its own wallet. Until now, cryptocurrencies could only be used within the ecosystem. Nevertheless, the crypto market is initially in the red. The market update.

The rolling course of the crypto market continues. While Bitcoin (BTC) made up ground on Wednesday, May 26th, crypto currency No. 1 is again in the red. Calculated over 24 hours, Bitcoin is down 4.4 percent, while Ether (ETH) is even 4.7 percent.

However, there is much to be said for an early recovery of the crypto market. The amount of BTC on exchanges has been going down since May 24th. This could be a sign of lower selling pressure in the market – and soon lead to higher prices.

Exchange inflow decreases. Less money ends up on Bitcoin exchanges. Source: CryptoQuant.

At this point, however, one can only speculate about the reasons for the course correction. After all, there is actually positive news to report. PayPal apparently wants to expand its crypto integration and soon allow users not only to buy and sell Bitcoin and Co., but also to withdraw it to their own wallets. At least this is what PayPal’s Head of Blockchain and Crypto, Jose Fernandez da Ponte, promised. At Coindesk’s consensus conference, the chief crypto strategist said:

We want to make Crypto Checkout as open as possible. We want customers who have bought their crypto currencies from us to be able to bring them to their destination. We understand that Bitcoin and Co. are more useful if you can send them around. So we are definitely investigating how we can let users transfer cryptocurrencies to their own addresses.

Da Ponte, however, abstained from a specific start date for possible withdrawals of cryptocurrencies to other exchanges or his own wallet. The service has not yet been released in this country either. A corresponding request to PayPal Germany as to when this could be expected remained unanswered by the editorial deadline.

Most recently, we reported about possible plans by the payment service to also integrate stable coins into its crypto checkout.

Another billionaire wants to invest in Bitcoin

Actually, news about well-funded investors who are expressing interest in Bitcoin regularly cause price pumps. The fact that star investor and billionaire Carl Icahn and his investment company Icahn Capital wants to jump on the Bitcoin bandwagon “on a grand scale” left the market comparatively cold. The major investor, who has been with Wall Street since 1968, told Bloomberg: “I believe that [Kryptowährungen] have come to stay. ”

Icahn did not want to reveal how big the investment in Bitcoin will be. When the moderator asked whether a volume of hundreds of millions, even billions, could be expected, the billionaire responded with “Yeah, that could be. Big style, that could be $ 1 to $ 1.5 billion. “

You can find the interview with Icahn here.

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