PayPal’s Crypto Venture To Spruce Up The Utility Of Cryptocurrencies, Suggests CEO Schulman

The crypto industry witnessed several mainstream companies like Facebook, PayPal, and many more veering into it. This trend will undoubtedly prolong following the market cap and the value of the crypto market. With its latest support for the crypto sphere, PayPal did turn a lot of heads and appearing in a recent interview, PayPal’s CEO, Dan Schulman went on to shed light on the company’s latest move.

Digital Currency Heading Towards Mainstream Adoption

Mid-September, rumors around the payments giant, PayPal incorporating crypto into the fold was out and about. This was shortly followed by an official announcement by the company itself. PayPal’s interest in crypto spruced by the price of Bitcoin and several other coins as it pushed the king coin’s price beyond its high in the last two years. Addressing their grand entry into the crypto universe, Dan Schulman, the chief executive officer of the payments giant opened up about the rising demand for digital currencies.

Schulman pointed out that the use of cash has witnessed a radical slump, especially during the pandemic. Diving into the data, he revealed that 40% to 70% of PayPal’s consumers have almost no interest in employing cash. While the crypto industry especially Bitcoin is often related to the dark web and is often questioned of its inherent value, Schulman said,

“All forms of money are based on trust and set values that come from that trust.”

With governments across the globe prepping to roll out their CBDCs, Schulman thinks that it’s only a matter of time before they do so. However, he also suggested that the world would witness increased utility taking place with cryptocurrency. Schulman also revealed that PayPal had sought advice from central banks as well as regulations from across the globe before steering into the crypto market.

With its most recent entry into the corridors of the US, the payments giant purchased almost 70% of all the newly mined Bitcoin that was in circulation. Revealing PayPal’s plans for the coming year, Schulman added,

“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’re 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.”

Bitcoin continues to rise even after PayPal’s recent purchase. The king coin was seen settling down at $18,638.96 with a 9.71% surge over the last seven days.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism