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PayPal To Expand On Its Crypto-Related Services

Sometime last year, the payment giant announced the official launch of its crypto-related services by creating a platform that supports digital assets trading. The firm is one of the biggest mainstream companies to accommodate cryptocurrencies. When PayPal joined the community, exchange platforms noted higher trading volumes and retail buyers.

The firm’s platform makes it easier and safer for new investors to make digital asset purchases. While PayPal limited its trading in 2020, the CEO assured that the remittance company would increase the crypto services it offers, being one of its strongest plans for 2021. The company would explore services in the Blockchain industry to improve its expansion in the sector.

PayPal reveals massive user response

The company, which joined the crypto space a few months ago, explained that it was limiting its services during its launch. Fortunately, the platform was an overnight success, leading to the CEO, Dan Schulman’s announcement of an expansion on its services. The firm informed that the official launch got a massive response within and outside the crypto space.

According to the top executive, the new crypto platform recorded a large trading volume, which went far beyond its expectations. The businessman said that millions of merchants would accept cryptocurrencies as a payment means within the first quarter. The executive also added that the firm would broaden its digital currency, crypto, and blockchain exposure this year by bringing in more services.

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The payment platform plans to work with different governments and central banks to hell actualize the digital currency goal, which many nations embarked on at the beginning of this year. Schulman said the firm was investing in its crypto and digital currency.

Based on the platform’s statistics, the firm predicted a 4% increase towards $375 million and envisioned $266 billion in processed payment. The launch exceeded the predicted amount, with accounts having $377 million, while $277 billion for processed payments. The payment company equally recorded billions in revenue from the activities.

PayPal to focus on digital currencies in the fourth quarter

PayPal is continually growing more interested in the digital asset sector, focusing on digital currencies in some months. The online payment company would also support Venmo while choosing international markets. Interestingly, crypto users of the PayPal platform are actively involved in the crypto-related app, with multiple appearances in a day. One of its top priorities to get millions of its users to receive cryptos as a payment option, indirectly increasing mainstream adoption of digital assets.

The company assured that sellers would receive their fiat currencies payments, preventing money loss through conversion from crypto to preferred currency. The platform presently allows US-based users to buy cryptos with the platform while citing a $20,000/week limitation. The firm continues to record higher trading volumes due to the app’s launch.

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Some statistics show that retail buyers make up the largest part of the platform’s buyers, citing some key factors, which increase PayPal’s popularity in the crypto space. Users spoke on the platform’s security, accessibility and simplicity.


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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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