PayPal CEO Daniel Schulman announced this week that it is the most important aid to launch a new business unit dedicated to cryptocurrency services.
Speaking about the company’s upcoming profits and strategy, Schulman said that the current financial system is outdated and that PayPal will invest a lot of money in blockchain and digital currencies. Schulman explained:
We all know that the current financial system is outdated, and we can envision a future in which transactions are completed in seconds, not days, a future where completing transactions is less expensive, and a future that enables all people to be part of the digital economy, not just the wealthy. We are investing heavily in the cryptocurrency, blockchain and cryptocurrency industry unit to help shape this more inclusive future.
The new crypto division or business unit is expected to launch later this quarter. The CEO also revealed that customers will be able to use the cryptocurrency to pay for goods and services at 29 million PayPal merchants around the world. This service is expected to be rolled out before the end of this quarter.
“We hope to launch our first international marketplace in the next several months,” Schulman said, and we also expect to integrate crypto with Venmo later this year. He also stated that “everyone who owns PayPal cryptocurrencies has increased their activity on the PayPal application or site twice more than it was previously.”
Schulman added that PayPal is working with regulators and central banks to shape “the next generation of the financial system.”
Paypal announced in late October that its customers – who number more than 300 million active users – will now be able to buy, hold and sell bitcoin (BTC) and other digital assets using their PayPal accounts. The decision caused BTC’s prices to rise sharply since then.
In the fourth quarter of 2020, PayPal attracted more than 16 million new users with an active account, making it more than $ 277 billion in total payments. The profits are the first for the payment giant after it announced the ability to buy and sell digital currencies late last year. This also added to the possibility that the cryptocurrency market would reach all of PayPal’s 350 million users on November 12, 2020.
Original Author: CashTalk
Original Post Date: March, 6 2020