The support for cryptocurrencies by the PayPal payment platform has had a beneficial effect on the bitcoin price market. Proud to have contributed to this improvement, the platform now hopes to play a greater role, namely boost the adoption of cryptocurrencies around the world. Achieving this objective requires the development of new products around cryptocurrencies and their accessibility to partners supporting PayPal payment solutions.
Allow cryptocurrencies to be a source of funding for any transaction
It was during an interview with the CNBC than Dan Schulman, the CEO of PayPal, shared his thoughts on the adoption of cryptocurrencies. He noted that the latter was on the verge of generalization, because digital crypto payments now appeal to more consumers and businesses. A situation which, according to him, will have been especially favored with the advent of the COVID-19 pandemic. The use of banknotes would thus have lost ground with nearly 40 to 70% of consumers who no longer want to handle it according to him. Justifying the entry into play of PayPal in this space, Mr. Schulman notes that PayPal’s role was not limited to making it easier to buy and hold cryptocurrency.
The manager adds that the service offered by his platform should integrate with all existing payment systems with partner merchants of the box. PayPal’s ambition would now be toaccelerate the adoption of cryptocurrencies around the world. ” One of the things we have allowed is not only to make it easier to buy, sell, and hold cryptocurrency, but more importantly, early next year, we’re going to allow cryptocurrency to be a source of financing for any transaction carried out on all of our 28 million merchants. And it will significantly boost the adoption of cryptocurrencies »Declared Mr. Schulman.
Bitcoin investment and agreements with regulators
Paypal does not only promote the adoption of bitcoin, the platform has also taken the opportunity to invest in it by buying no less 70% of all new bitcoin in circulation. Along with this, it launched its crypto trading service in the United States in early November to begin rolling out its new service. However, we will have to wait until next year to see this spread to the rest of the world and reach the 300 million active users.
However, the company has taken the necessary precautions by consulting regulators and even central banks around the world in advance. Mr. Schulman He also took the opportunity to speak about the latter’s plan to issue a CBDC. “It’s not about if, but when and how we will start to see more and more central banks issuing forms of digital currencies. I think it will be more and more useful to do this with cryptocurrency He asserted.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
After the supporter, we are now discovering the advocate side of PayPal in favor of cryptocurrencies and their adoption around the world. If the platform has taken all its time to study the question, it seems that it is now determined to do things big.