PayPal Set to Launch a Range of Crypto Services in 2021
We lift the veil on PayPal’s crypto services.
PayPal has given more information about its new crypto services. The company has decided to take action on behalf of its users, given the high demand for cryptocurrencies.
PayPal: the CBDC’s ally
PayPal executives have revealed more details about the company’s plans to launch crypto services.
Its CEO, Dan Schulman, spoke of the acceleration of the digital transition in the payments and financial services sectors.
Schulman believes that central bank digital currencies (CBDCs) will become more widespread over the coming years.
He said PayPal is willing to support governments to make CBDCs useful, by facilitating their integration with existing payment systems, and by fostering their acceptance by merchants – about 28 million e-retailers now use PayPal.
Schulman adds that the current financial system is malfunctioning for many reasons, and the development of a digital infrastructure can make the management and flow of money more efficient, cheaper and faster.
Users line up
PayPal announced the upcoming launch of its cryptocurrency services in October 2020; the announcement boosted the price of Bitcoin (BTC), pushing it over the $14,000 mark on 31st October 2020.
PayPal officials mentioned the high demand for cryptocurrencies from their customers.
Only 10% of PayPal users in the United States have access to its crypto services. Schuman says the company hopes to expand these services to the rest of the country by December 2020, although the waiting list would be two to three times longer than their initial estimates.
Faced with this demand, PayPal will increase its weekly crypto purchase limit from $10,000 to $15,000.
PayPal’s crypto services will be available to international customers with the launch of the Venmo mobile payment application in H1 2021.
CBDCs and the ‘real’ cryptocurrencies will coexist on PayPal: who will emerge victorious? If the announcement of the launch of its crypto services was enough to propel Bitcoin up to $14,000, the rollout of this service in the United States and internationally could start a bull run up to six figures. Bitcoin now has a more clear idea of how it can conquer PlanB’s famous stock-to-flow prediction of $100,000.
Belgium native who has a passion for writing. Since 2015 I have understood that the blockchain will radically change our lives, and I absolutely want to share my findings with you!