Since last fall, PayPal has been giving its US customers access to cryptocurrencies. The company is now presenting its quarterly figures for this period. In addition, CEO Schulman provides an insight into the company’s further crypt strategy.
The online payment provider PayPal has presented its figures for the fourth quarter of 2020. The presentation was awaited with great anticipation, as PayPal is known to have entered the crypto market for the first time during the quarter. This has not remained without consequences for the course of Bitcoin & Co. There were a total of 16 million new PayPal users in the final quarter of 2020. The trading volume is an impressive $ 277 billion. The announcement also announced that customers who bought cryptocurrencies via the platform have logged into PayPal twice as often as before when PayPal did not yet offer this service.
The volume of cryptocurrencies traded on our platform has far exceeded our forecasts. We look forward to building on this early success by allowing our customers to use their crypto balance as a source of funding. […] We hope to launch our first international market in the next few months.
said Dan Schulman, CEO of PayPal, on the fourth quarter earnings conference call. PayPal is already working with regulators and central banks to shape the “next generation of the financial system,” Schulman continued.
It cannot be denied that PayPal occupies a special position due to its extremely high level of acceptance by both merchants and customers. A total of 29 million merchants worldwide accept PayPal as a method of payment. Studies show that many of them have become more open to payments in cryptocurrencies since the PayPal integration.
PayPal made its crypto integration official last October. To this end, the company has entered into a partnership with the startup Paxos. The services became available a few weeks after this announcement. It has been available to authorized users in the US since November 12th.
Schulman has now indicated that this service should also be offered in other countries. A crypto integration of the popular payment app Venmo is also planned. According to Schulman, the financial world is at a turning point that he intends to help shape with his company.
We all know that the current financial system is out of date, and we can imagine a future where transactions will be completed in seconds, not days. A future where transactions should be less expensive. […] We are investing heavily in our new business area crypto, blockchain and digital currencies to help shape this more inclusive future.
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