Paypal CEO Daniel Schulman announced this week the launch of a new business unit dedicated to crypto-currency related services.
During an earnings conference call on 3. February 2021, Schulman said the current financial system was outdated and his company would invest a lot of money in blockchain and digital currencies. Schulman explained:
We all know that the current financial system is outdated, and we can envision a future where transactions are processed in seconds rather than days, a future where transactions are processed at a lower cost, and a future where everyone can participate in the digital economy, not just the wealthy. We are investing heavily in our new crypto, blockchain and digital currency division to help shape this more inclusive future.
The new cryptocurrency business unit is expected to launch this quarter. The CEO also said that customers will be able to use cryptocurrencies to pay for goods and services from Paypal’s 29 million employees around the world. It is expected that this service will be launched at the end of this quarter.
Schulman said we hope to launch our first international marketplace in the coming months and hope to integrate cryptocurrency with Venmo later this year. He also explained that anyone who subscribes to the crypto opens its app twice as often as before.
Paypal announced in late October that its customers, who have more than 300 million active users, will now be able to buy, hold and sell bitcoins (BTC) and other digital assets through their Paypal accounts. This decision led to a sharp increase in the price of BTC at that time.
What do you think of Paypal’s new crypto division? Let us know your comments in the section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Paypal logo,
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
paypal and cryptocurrency,does paypal own bitcoin,paypal crypto payments,paypal crypto unit,paypal crypto business unit,paypal investing in crypto,Privacy settings,How Search works,paypal is investing in a new business unit focused on crypto and digital currencies,crypto news today