While unveiling the firm’s strategies to expand into cryptocurrency adoption, PayPal executive said that “digital payments and digital forms of currency” are on the edge of mainstream adoption as institutional investors gather close.
After the COVID-19 outbreak, crypto transactions have hastened, and PayPal is looking to dive deep into the crypto sphere amid the ongoing digital alteration, said Dan Schulman, CEO of PayPal, during a CNBC interview. He said the “use of cash had declined precipitously, 40 to 70% of consumers no longer want to handle cash.” So PayPal aims to accelerate crypto adoption by integrating service with existing payment platforms, enabling merchants to accept crypto payments.
“When you start to move crypto as a potential funding instrument, I think that bolsters its utility and stabilizes it as well—because it can be used every day in your purchases,” said Schulman.
PayPal Introduce Crypto Trading Service in the United States
Earlier this month, the giant payment firm launched its crypto services in the United States. However, PayPal intends to increase the crypto services in 2021 by rolling out to the global market.
According to the announcement, more than 300 million users will be allowed to utilize crypto assets to shop things from 28 million merchants that accept PayPal. However, the resellers will receive the payments in fiat currencies. Schulman said:
“One of the things that we allowed is not just making it easy to buy, sell and hold cryptocurrencies, but very importantly, early next year, we are going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.”
PayPal has acquired almost 70% of all the new circulated Bitcoin, based on recent reports. Crypto analysts believe that the supply shortage is mainly fuelling the Bitcoin bull run. As per data from CoinMarketCap, BTC is currently trading at $18,434.