News

PayPal Ventures into Crypto, Only 10% of Clients have Access Crypto Services


17 Dec 2020

PayPal announced record-breaking revenues for the third quarter of 2020. When releasing the financial results, the payments giant also stated that it would offer a roadmap regarding the crypto-related services to be launched in the coming months.

According to PayPal’s CEO, David Schulman, 2021 would be marked with many changes related to cryptocurrencies. The platform was planning on adding various features related to cryptocurrencies to meet the increased user demand.

Allow Crypto Payments

In the recent earnings call, Schulman also stated that the crypto services would offer merchants better crypto-related services. It would allow the over 28 million merchants who use the platform to have a new way to receive payments for goods and services offered.

Schulman also stated that the new crypto payment services would not be launched at an extra fee for the merchants or the consumers. Hence, those who access the said services will have a convenient yet cheap way of paying and receiving payments in cryptocurrencies.

PayPal also added that its subsidiary payment firm, Venmo, would also support purchases made with digital assets. This will increase the scope of users that the firm can reach with this new offering.

Schulman has been an agile supporter of cryptocurrencies. The CEO previously revealed that he has Bitcoin holdings. In the recent statement, he added that only 10% of PayPal clients would be given access to cryptocurrency offerings. He also mentioned a waiting list that was twice or thrice bigger than the company had estimated. However, Schulman stated that more users would be granted access to cryptocurrency services in the coming weeks.

In Talks with Regulators

PayPal is also following due diligence and consulting with the relevant regulators to ensure the new cryptocurrency services are compliant with existing laws. Schulman also stated that discussions with central banks and regulators were ongoing to figure out how to launch cryptocurrency wallets for its users.

Schulman mentioned that digital wallets are at the core of cryptocurrencies; hence adding them to the crypto-based services the platform was launching could be an additional benefit to users.

The plans for PayPal to launch cryptocurrency services to its more than 300 million global users started in mid-October. The news caused a buzz in the crypto community and positively affected the prices of Bitcoin and other cryptocurrencies. Moreover, the news was a positive sign of growing crypto adoption.

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