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Paypal Launches Business Unit Dedicated To Cryptocurrency – Fintech Bitcoin News

Paypal Launches Business Unit Dedicated To Cryptocurrency – Fintech Bitcoin News

Paypal Launches Business Unit Dedicated To Cryptocurrency – Fintech Bitcoin News

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 February 2021, Schulman said the current financial system was outdated and his company would invest a lot of money in blockchain and digital currencies.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We all know that the current financial system is outdated, and we can envision a future where transactions are processed in seconds rather than days, a future where transactions are processed at a lower cost, and a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.

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