TL;DR Breakdown
- PayPal looks to extend its crypto services to Venmo.
- The company has experienced massive patronage of its crypto services.
Dan Schulman, the CEO of PayPal has said that the demand for the firm’s crypto services have exceeded expectations and as such, the company is now looking to double its effort into blockchain and the crypto industry this year.
PayPal crypto services enjoy patronage
The payment company had rolled out its crypto services with a few crypto assets and placed a limit on the amount of total transactions (buying and selling) that could be performed by each customer. However, the services have enjoyed enormous patronage from their customers, which led to the firm’s CEO making it known that the payment company was going to be increasing its efforts in the crypto industry.
He also added that the company was going to allow crypto usage as a funding source for their merchants globally. Additionally, Schulman stated that there would be a further exploration of blockchain and cryptocurrencies.
The firm has also begun working with regulatory agencies and apex banks of countries across the world to work on a future that is devoid of physical cash. PayPal had surpassed its targets as it recorded $277 billion in processed transactions. PayPal also recorded a quarterly revenue of over $21 billion.
PayPal to extend crypto services to Venmo
PayPal has said it would be extending its crypto services to Venmo and some part of the international market.
It noted that users of the firm’s crypto services were also more active on its system as they tended to log-in at least twice to the app.
The firm’s CEO had also spoken of how the company is planning to support central bank digital currencies (CBDC) projects when they become available. The firm also claimed they would keep exploring how they can keep using modern technologies to improve the experience of their users and their services.
