The giant payment firm PayPal senior executive has revealed plans for extensively driving into the crypto sphere next year. The payment firm is looking to add support for central bank digital currencies.
The world is rapidly shifting from physical to digital, CEO of PayPal Dan Schulman stated:
“There is no question that digital currencies are going to be rising in importance, having increasing functionality, and increasing prominence.”
While officially announcing crypto service, PayPal disclosed that the service would originally offer support for some major crypto assets. The listed cryptocurrencies include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Following the PayPal crypto announcement, The price of leading cryptocurrency Bitcoin had rallied abruptly above $13,000 for the first since 2019. Based on data from CoinMarketCap, BTC is trading close to $13,687 at the time of reporting.
According to Dan Schulman, users have shown an exponential interest in the new crypto services. He added:
“We’re seeing people who have already bought crypto open their wallet several times a day to check out what’s happening with their crypto investments.”
PayPal Raises Crypto Buying Limit
According to the October 21 report, PayPal has collaborated with Paxos, a regulated financial institution, to enable crypto services on its platform. Users will be allowed to utilize crypto assets to shop things from 26 million merchants that accept PayPal. However, the report discloses that the resellers will receive the payments in fiat currencies.
PayPal has also announced to expand its weekly crypto buying limit to $15,000 from $10,000. The new crypto service is initially accessible to 10% of its U.S. users. However, the firm intends to increase the crypto services in 2021 by rolling out to “select international markets.”