“This is just the beginning”: PayPal CEO reveals crypto strategy
Together with the Venmo app, the global launch of PayPal’s new crypto offering should become a reality in 2021. This news gave the Bitcoin price an enormous boost in the last month. In addition, the payment giant also wants to deal with digital central bank money (CBDC) and support other cryptocurrencies.
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PayPal starts crypto offensive
As part of the announcement of the quarterly figures, the payment provider announced that it intends to aggressively penetrate the crypto sector:
Obviously the world is moving rapidly from physical to digital currencies. There is no question that digital currencies are becoming more and more important, have more and more functions and are becoming more and more important.
Daniel Schulman, CEO of PayPal
In his speech, the CEO emphasized that there was no question of whether CBDCs would prevail. In his opinion, it is only a matter of time before they become established. Daniel Schulman also said that his company wants to be actively involved in the design of CBDCs.
Above all, he wants to improve the acceptance of cryptocurrencies and their interoperability with existing payment systems. This should make it possible to swap from wallet to wallet, between the various currencies themselves and with the merchants. It seems that PayPal will also compete with established crypto exchanges in the future.
In addition, the PayPal CEO has described the old financial system as “not working” for many ordinary people. The payment giant wants to make the financial system fundamentally better.
I think our platform and all of the new digital infrastructure we are building will help make the money system more effective.
CEO Daniel Schulman is overwhelmed by the demand for Bitcoin service
Just last month, PayPal announced the launch of crypto assets on its payment platform. A total of 26 million merchants should be able to accept cryptocurrencies without any problems in the first quarter of next year.
The demand for the new crypto service has been overwhelming, according to PayPal CEO Daniel Schulman.
We have customers who have already bought cryptocurrencies and open their wallets several times a day to see what happens to their investments. The demand was two to three times as high as our expectations.
In response to the demand, Schulman also announced that PayPal will increase its weekly crypto purchase limit from $ 10,000 to $ 15,000. In 2021, the payment provider wants to penetrate the international market and offer more crypto services. However, no further details have yet been announced about these.
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