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PayPal sheds more light on its Crypto plans

TL;DR

  • PayPal provides more information on its cryptocurrency integration 
  • Schulman believes that crypto assets would play a major role in the coming global financial system

PayPal has released more information on the integration of Cryptocurrencies into its payment gateway system. The company has reiterated that the feature would first be available to its users in the United States, after which it would roll out the service for its international users before it eventually launches the feature on its Venmo app.

Dan Schulman -CEO of PayPal- gave those information and more during the Q3 2020 earnings call. He clarified that users can be able to buy, hold and sell crypto assets ranging from Bitcoin to ETH etc on their PayPal account directly. 

These crypto assets can be used to carry out transactions across about 28 million merchant stores in the world.

The CEO says that his conversations with other major players in the industry have indicated that cryptocurrency would have a very important role to play in the world. He also mentioned that the CBDCs project being carried out across nations of the world would also become widely accepted and adopted by countries of the world.

He also further highlighted that the infrastructure available to PayPal can make room for better efficiency and management of the cryptocurrencies. He envisaged that his institution would play a lead role in the coming crypto adoption and acceptance.

PayPal could open floodgate for other institutions 

Many analysts have predicted that PayPal’s foray into the crypto industry will make more corporate institutions take the plunge into the crypto world.

Crypto enthusiasts have hailed the financial institution announcement as being a game changer. They believe that the institution’s client base would aid the adoption and acceptance of crypto assets in the world.

Venmo App has over 300 million active users. They would all be able to access this new feature immediately it is rolled out on the platform.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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