PayPal to strengthen crypto operations with « significant investments »

PayPal’s decision to introduce cryptocurrency triggered the price spike in the markets last year. Bitcoin (BTC) prices against the US dollar are now rising steadily after new PayPal announcements: The company has indeed announced that it will invest « significantly » in a « new business unit for crypto, blockchain and digital currencies » which in their opinion « one will help to shape » a more inclusive future. « 

The company’s CEO, Dan Schulman, did not provide details on the numbers, but claimed in an investor briefing that « the volume of crypto assets traded on the PayPal platform » « far exceeded our expectations. »

The company, which currently only offers its crypto functions in the USA, achieved record sales of more than $ 6 billion and a payment volume of $ 277 billion in the previous quarter of the fiscal year. Fiscal year 2020. However, this is not the case information on the market share of its crypto activities to date.

Mr. Schulman noted that the current financial system is « archaic » and enthusiastic about these activities, indicating that customers in this sector are more likely to return to take advantage of these new services.

In a statement to investors, the company wrote:

Customers who buy cryptocurrency have signed up to PayPal at twice the rate of their sign-in frequency before purchasing.

The company also noted that in 2021 it will seek to expand its plans to « use cryptocurrencies as a source of funding to pay for the roughly 29 million PayPal merchants around the world. »

She added that she plans to expand the capabilities through the further development of her mobile payment service Venmo (mentioned last November) and « certain international markets » in the first half of 2021.

PayPal customers can buy, sell and (almost) hold Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH) and Litecoin (LTC) in their PayPal wallet.

As mentioned earlier, Bitcoin could make the online payments giant the focus of its customers’ financial lives as BTC will help increase engagement on this platform and boost PayPal’s sales, argued Dan Dolev of Mizuho Securities in December.

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PayPal to strengthen crypto operations with « significant investments »
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