Paypal is launching a new business unit dedicated to cryptocurrency services, the company’s CEO Daniel Schulman announced this week.
In a revenue call On February 3, 2021, Schulman said that the existing financial system is outdated and that his company will invest a lot of money in blockchain and digital currency. Schulman explained:
We all know that the current financial system is obsolete and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future where all people can be part of the digital economy, not just the wealthy. We are investing significantly in our new business unit crypto, blockchain and digital currencies to shape this more inclusive future.
The new crypto business unit is expected to be launched later this quarter. The CEO also revealed that customers can use crypto to pay for goods and services at Paypal’s 29 million merchants worldwide. This service is expected to be rolled out before the end of this quarter.
Schulman said, “We hope to launch our first international market in the coming months,” and expect to integrate crypto with Venmo later this year as well. He also stated that “anyone who has signed up for crypto opens their app twice as often as before.”
Paypal announced at the end of October that its customers – with more than 300 million active users – can now buy, hold and sell bitcoin (BTC) and other digital assets using their Paypal accounts. The decision caused BTC prices to rise sharply.
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