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PayPal Announces Plans To Launch A Business Unit Related To Crypto

Things are looking perfect for PayPal as its revenue is peaking, especially since it joined the crypto space in 2020. The mainstream company began offering crypto-related services last year, where people can easily buy, sell or hold popular cryptos. The firm’s crypto services were limited last year, linked to the new AML measures countries are putting in place to reduce the possibility of terrorism funding and other social vices.

In February, the financial giant already announced plans to expand its cryptocurrency service to allow more people to get exposure to cryptos through its platform. Apart from the expansion plans, PayPal also said it would launch a business unit related to crypto.

Schuman speaks on PayPal’s plans

Many firms that joined the crypto space last year saw very attractive gains due to the iconic surge that took Bitcoin from $20,000 to $58,000 within months. Although Bitcoin has been facing some corrections, crypto-related firms are still rising, and that includes Paypal. The firm helped bring in more investors into the digital asset space due to its reputation as a mainstream firm.

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Exchanges recorded higher trading volumes from retailers within that period, showing a new bulk of buyers took the market by storm. PayPal’s CEO, Dan Schulman, said that the online payment company was ready to adopt the new era of financial technology, which led to the proposed launch of a unit that is related to cryptos.

The CEO said that there are opportunities for the firm to help regarding the new generation of infrastructure. He explained that the infrastructure’s creation is the new business unit’s idea while helping the industry see higher adoption of digital currencies.

The entrepreneur explained that the firm’s tech team and experts in technology and cryptos would help the company achieve the goal. Schuman added that the firm had been experimenting with different blockchains, such as Ethereum, to help the payment company advance in transactions. The businessman also explained that the present’s limited services would change.

PayPal unwilling to buy Bitcoin

Schuman believes that blockchain technology could change things for people regarding the expensive bank rates. He added that central banks and governments are also looking at how the rate would change with the growing technology’s help.

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The CEO said that the current technology could be modernized to improve adoption globally. Cryptocurrency adoption is at its highest as many more investors are willing to take risks to assure greater wins, making it easy for the industry to grow.

PayPal did not say anything about buying cryptocurrencies, even with mainstream adoption from big companies like Tesla. That might mean that the payment firm is not interested in actually buying digital assets. The CEO said the firm does not like the ups and downs of investing in volatile assets. The asset’s volatile nature has caused controversies amongst investors unwilling to risk losing significant parts of their assets. However, those who make the risks usually record very significant losses or gains.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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