As per the latest reports, Robinhood and PayPal have both made promising announcements for their users and the crypto-community. Both fintech firms have revealed that they are considering making the same move as Revolut, an online fintech solution.
The report suggests that both Robinhood and PayPal are aiming to offer the same service as Revolut currently provides its users. The users at Revolut have the freedom of withdrawing their cryptocurrencies to an extra cryptocurrency wallet.
The report suggests that both Robinhood and PayPal are planning to do the same. If that happens, then the users on either or both platforms would be able to withdraw their cryptocurrencies to an external cryptocurrency wallet.
If this consideration ends up materializing, then it would cause a huge problem for the traditional cryptocurrency exchanges. This way, both Robinhood and PayPal would end up becoming trusted platforms where the users and investors would flock to invest their money.
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Out of the two firms, Robinhood currently has more than 20 million active users out of which, half of the users belong to the cryptocurrency sector. On the other hand, PayPal has a total of 361 million users that have exposure to cryptocurrencies. This means that these platforms have the potential to become the largest cryptocurrency firms with the highest user base.
If Robinhood and PayPal do end up making their mind about permitting transfers to third-party wallets, they would end up offering something far greater than major cryptocurrency exchanges.
The newly appointed CEO at Robinhood, Christine Brown has confirmed the rumors regarding the launch of the internal wallet to external wallet feature. However, Christine Brown was not able to provide a proper answer as to when the service would be made available.
She did confirm that the product would be launched soon into the market. However, she was not able to confirm when the particular feature would be launched. She revealed that for now, they are working on the feature and it will be launched soon. However, she could not provide a particular date when the feature will be launched for the users.
She stressed that they would also ensure that the customers are informed about the risks involved in trading in cryptocurrencies. She confirmed that Robinhood will be intimating their crypto-traders to be extra careful and vigilant when dealing with such transactions.
Then there is PayPal, whose blockchain and crypto dealing unit’s head, Jose Fernandez da Ponte talked about the recent developments. Ponte stated that their aim is to provide their users with the freedom of making any purchases with the help of any currency they want.
Therefore, they want to give them the freedom of getting the currency of their choice and then transfer it to the destination of their own choice as well.