PayPal considers expanding its overall crypto presence.
It has been established in the fact that PayPal has acquired a conditional Bit License and it’s looking to potentially purchase Bit Go and other crypto custodial firms, but Dan Schulman, PayPal’s CEO, stated that the company considers integrating Venmo. Executives are also planning to forge a partnership with many leading banks and financial industries.
Users can purchase items from 28M different vendors through PayPal and won’t be charged any fees in doing it.
Schulman states that one main reason that PayPal decides to link itself to crypto is that last month, the company garnered a heavy response to its crypto offering. Many people are waiting to get their hands on crypto, and it was the big bell that rang in Schulman’s head. Now, roughly 10% of PayPal’s customers own and utilize cryptocurrency, about two or three times more than what the company knew would be the case.
He also says that there are many banks out there looking to get in on the crypto wave, signifying that it was also largely a case of PayPal not intending to fall behind. Crypto wallets are also offered by major tech firms like Apple and Google, and PayPal looks to be ahead of the game. Dan Schulman stated in an interview:
Cryptocurrency systems and blockchain technology have a lot of financial benefits for the companies that want to utilize them. They are cheaper and require less support than traditional platforms. They are also more efficient and are quicker to verify transactions and other related activities.
In the next few weeks, access to Venmo will be granted to all users who wish to purchase items with cryptocurrency. Schulman agreed that many traditional financial services and institutions aren’t just working for a lot of people. There are many unbanked inhabitants and banks can be very picky about who they do business with, which hinders many people from gaining access to the tools and services they needed.
Aiming to Help All Customers
He is committed that the crypto system can help not only the low-income people but virtually everyone who wants to utilize it.
As of now, bitcoin – the world’s leading cryptocurrency by market cap – has poured $200 from its price from 24 hours ago and is trading at $15,300.