Bitcoin

PayPal’s cryptocurrency services will be globalized in early 2021, along with support from CBDCs

Executives at global payments giant PayPal have shared more details on their plans to aggressively re-launch the cryptocurrency sector over the next year. during the company’s earnings report for the third quarter of 2020, including the central bank’s plans to support digital currencies (CBDCs).

“It is clear that the world is rapidly moving from physical to digital”said Dan Shulman, CEO of PayPal, emphasizing the rapid pace of change in the payments and financial services sectors.

Citing discussions with central banks, regulators and cryptocurrency industry leaders, Shulman stated: “There is no doubt that digital currencies will grow in importance, they will have more functions and greater importance.”.

“The CBDC […] They are a question of when and how they are made and not whether. “

PayPal’s cryptocurrency services will be globalized in early 2021, along with support from CBDCs
PayPal’s cryptocurrency services will be globalized in early 2021, along with support from CBDCs

The CEO of PayPal said Due to its size and reputation, the company will “help shape the benefits of [CBDC]”including facilitating interoperability with existing payment methods and promoting adoption by merchants. Shulman also described the old financial system as “not working” for many ordinary people.

“I believe that our platform and all of the new digital infrastructure we are currently setting up can help make the management and movement of money more efficient, cheaper and faster.”

Last month, PayPal announced the launch of services that allow customers to buy, sell, and hold crypto assets, generating positive repercussions on virtual currency markets.. The launch will also include crypto assets backed by the PayPal seller network of 28 million sellers.

During the call, PayPal executives stressed the strong demand for their customers’ cryptocurrency services. and its CEO already says: “Our base is very keen to offer these capabilities.”

While Currently, only 10% of US based PayPal users have access to their cryptocurrency servicesShulman stated that the rest of the country expects it to be online before December.

“Our waiting list was two or three times as big as expected.”

“”We see people who have already bought cryptocurrencies open their wallets several times a day to check what is happening to their crypto investments“he added.

In response to the lawsuit, Shulman made the announcement PayPal increases its weekly crypto purchase limit from $ 10,000 to $ 15,000.

Shulman revealed that too PayPal’s virtual currency services will be made available to international customers along with the launch of the Venmo Mobile app for mobile payments in the first half of next year.

“”Over the next year you will see that we are moving into different areas“added the CEO.

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