Dan Schulman, the CEO of PayPal, said that the payments giant is ready to double down on cryptocurrencies, after a limited buy/sell/hold crypto trading launch “exceeded expectations.”
Schulman said:
“We also saw an exceptional response from our crypto launch. […] The volume of crypto traded on our platform greatly exceeded our expectations.”
It has been reported that Schulman said that crypto would be accepted “as a funding source when [users] shop at any of our 29 million merchants” late first quarter and that 2021 will feature an “extensive roadmap around crypto, blockchain, and digital currencies.”
Crypto trades "greatly exceeded" PayPal's expectations in Q4, says CEO Dan Schulman. What's more, by late Q1 2021 PayPal merchants will be able to accept crypto payments settled in cash, and trading services will be coming to Venmo https://t.co/pc9uHy5nVZ — Cointelegraph (@Cointelegraph) February 3, 2021
However, Schulman added that PayPal is actively working with regulators and central banks “to shape the future of” a post-physical cash world.
He further added:
“We are significantly investing in our new crypto, blockchain, and digital currencies unit.”
The report said that analysts expected a 3.87% increase in total accounts to 375 million, as well as $266.8 billion in total payments processed, an 8% increase over Q3; the company beat both expectations with $277 billion processed and 377 million in total accounts.
The company also reported $21.45 billion in revenue.
According to the report, the company’s Q4 investor update materials promised “digital currencies” as a “key focus area.”
The company also said that their “Buy, Hold, and Sell Cryptocurrencies” initiative would expand to “Venmo and select international markets” in 2021, as the company noted that users of their crypto services become more active users of PayPal generally after purchasing crypto, logging in twice as often.
PayPal’s materials echoed Schulman’s statements by saying that a “commerce experience” would launch in 2021 which would provide “cryptocurrency as a funding source to pay at PayPal’s 29 million merchants around the globe.”
Thus, these integrations would be settled in fiat and would relieve merchants of conversion fees.
Source: Cointelegraph