We lift the veil on PayPal’s crypto services, the company opens the black box.
PayPal provides more information on its crypto services. The company has decided to take measures in favor of its users, given the high demand for cryptocurrencies.
PayPal: the ally of CDBC
Senior executives of PayPal revealed more details about the company’s plans to get into crypto.
Its CEO, Dan Schulman, spoke of accelerating the digital switchover in the payments and financial services industries.
Schulman believes that central bank cryptocurrencies (CDBC) will gain in importance in the coming years.
He indicated that PayPal is ready to support governments to make CDBC useful, by facilitating their integration with existing payment systems, and promoting their acceptance by merchants – around 28 million e-merchants use today PayPal.
Schulman adds that the current financial system is malfunctioning for many reasons, and building a digital infrastructure can make the management and circulation of money more efficient, less expensive and faster.
Users stand in line
PayPal announced in October 2020 the upcoming launch of cryptocurrency buying and selling services; the ad boosted the price of Bitcoin (BTC) which crossed the $ 14,000 mark on October 31, 2020.
Those responsible for PayPal had mentioned the strong demand for cryptocurrencies from their customers.
Only 10% of users PayPal to the United States have access to its crypto services. Schuman says the company hopes to expand these services to the rest of the country by December 2020. The wait list is said to be 2-3 times longer than their initial estimates.
Faced with this demand, PayPal will increase its weekly crypto purchase cap from $ 10,000 to $ 15,000.
The crypto services of PayPal will be available to international customers, with the launch of the mobile payment application Venmo, during the first half of 2021.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
CDBC and “real” cryptocurrencies will therefore coexist in PayPal: who will emerge victorious? If the announcement of the launch of its crypto services was enough to propel Bitcoin to $ 14,000, their expansion into the United States and internationally could have bulls run to 6 digits. BTC now has a more precise plan to conquer PlanB’s $ 100,000 USD.
Litecoin, welcome in the Silver Age