PayPal to invest in a new business dedicated to crypto and digital currencies
It turns out that PayPal’s decision in October last year to allow its users to buy, sell, and hold selected cryptocurrencies on its platform was only an appetizer of what was yet to come.
The payments giant has revealed its plans to roll out a business unit focusing on cryptocurrency services.
PayPal’s cryptocurrency business
Speaking during the firm’s earnings call, CEO Daniel Shulman highlighted PayPal’s crypto ambitions.
“We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future,” said Shulman.
Shulman added that the current financial system is old-fashioned and needs to be in line with current trends in terms of speed and cost-effectiveness.
"We all know the current financial system is antiquated, 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 that enables all people to be part of the digital economy, not just the affluent,” remarked Schulman.
The CEO added that the firm is excited to build on its earlier success and allow its users to use their crypto balance as a funding source when shopping at the platform’s 29 million merchants.
More to come
Schulman said they are expecting to get the ball rolling before the end of this quarter and the launch in international markets will be done “in the next several months."
He added that this is “just the beginning of an extensive roadmap around crypto, blockchain, and digital currencies.”
Schulman pointed out that the crypto integration has excited users who are now using their app more frequently than before.
“Everyone who signed up for crypto opening up their app two times as much as they did previously,” explained Schulman.
This is not our first time
PayPal announced its entry into the crypto sphere in October last year when it enabled its U.S. customers to buy, hold, and sell cryptocurrency directly with the firm through a partnership with Paxos.
The firm said it is ready to play its part in shaping the future of global finance.
“We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce,” said Schulman at the time.
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