- PayPal experiences a rise in Bitcoin and cryptocurrency demand beyond what was expected.
- By quarter three earnings call, Dan Schulman, the CEO of PayPal, said customers were keen to join their crypto services at a rate that caught the company off guard.
- Mr. Schulman said that the surge in demand was a wish, and he had to pinch himself after it became a reality.
PayPal experiences rise in Bitcoin demand
PayPal experiences a rise in Bitcoin and cryptocurrency demand beyond what was expected. By quarter three earnings call, Dan Schulman, the CEO of PayPal, said customers were keen to join their crypto services at a rate that caught the company off guard.
Mr. Schulman said that the surge in demand was a wish, and he had to pinch himself after it became a reality. Their waiting list for the server is three-fold what they expected it to be.
Paypal has allowed 10% of its clientele to buy and sell BTC, Bitcoin Cash, Ethereum, and Litecoin. Mr. Schulman said they are going to take their $10,000 cap per day and increase it to $15,000 per day to reflect the demand that they are seeing.
In two to three weeks, there will no longer be a cap by the company in the US. The company hopes to reach out across the world, starting with Venmo by early to mid-2021.
They hope that crypto investors will frequently open their wallets to check what is happening with their investments. The CEO explained how he was excited to see a tremendous increase in cryptocurrency use by allowing the user to transfer their money into fiat instantly.
The process of going fiat should be quick and free. Paypal is hoping to encourage an international move to cryptocurrency.
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