PayPal enables crypto withdrawal in non-custodial wallets – Defendant

Robinhood can’t have fun at all.

Payment giant PayPal has introduced the same feature after the financial services company, which pioneered commission-free stock trading, enabled crypto withdrawal in April.

In addition to allowing users to withdraw crypto assets on external wallets such as Metamask, PayPal is enabling its users to transfer digital assets among themselves. According to a press release from Fintech Giant, users will be able to transfer their assets to PayPal (and probably sell them in US dollars).

Users who transfer their assets to an external wallet will be able to interact with the larger DeFi ecosystem, participate in financial transactions such as taking unauthorized loans, and provide liquidity to automated market makers (AMMs) such as Uniswap.

According to the company, the ability to transfer crypto is one of the most requested features since the company launched the digital asset purchase facility. Demand for this specialty has grown significantly as a result of recent corporate scandals. And buy NFT.

Privacy concerns

Although the development is an adoption ring, using the feature, users will essentially associate their non-custodial wallets with their personal information held by PayPal. This will make it less important for the company to monitor the on-chain activity of its users unless they take additional steps to use privacy-protecting services like Tornado Cache.

PayPal has 429M active accounts, according to its 2022 Q1 earnings release. In comparison, Robinhood has 22.8M users, according to Statista, which reflects the older company’s larger reach. At $ 102.6B, PayPal’s market capitalization is also an order larger than Robinhood’s, which stood at $ 7.3B as of June 7.

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