In its third-quarter meeting, PayPal’s executives clarified that it will expand its crypto services in 2021.
In an executive meeting of PayPal held on Monday, executives told that initially crypto services will be offered in the US. This means that the customers who are based in the US will be able to transact their crypto transactions through PayPal. Dan Schulman, the CEO of PayPal, also informed that the crypto services for international customers will be initiated soon. But it will take time up to the mid of 2021, told Schulman.
As per the latest developments, it has been told that at least 10% of customers from the US have joined PayPal’s crypto services. Further details suggested that the rest of the customers will acquire access to tools within three to four weeks.
Soon after PayPal had announced the integration of cryptocurrencies, in particular Bitcoin, the interest of customers around the world has increased manifold. An announcement was made on October 31st and since then thousands of customers are showing their interest in PayPal’s crypto services. This has led the company to substantially increase its purchase limits of crypto for about US$ 15,000. Earlier the limit was capped at US$ 10,000 only.
Schulman also told that PayPal’s business is directly linked with the global economy. He said that the integration of crypto within its system will bring other economies under one roof. He predicted that in the future there will be great opportunities waiting to be grabbed by PayPal.
Very recently JPMorgan bank had also announced the launch of crypto-based JPM Coins which was lauded by the crypto industry. While commenting on JPMorgan Bank’s initiative, Schulman also said that PayPal is looking forward to create the world’s most advanced digital wallet. A wallet which will be expansive and, at the same time, compelling for everyone, he said.
Earlier in the month of June this year, CoinDesk had predicted that PayPal was going to start crypto services. CoinDesk also told that PayPal will be used for buying, selling as well as storing cryptocurrencies. However, many disbelieved but the prediction came true when in October PayPal confirmed this.
PayPal has recently also confirmed that after the announcement its payment volumes have increased to at least 36%.
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