PayPal has revealed new details about its upcoming cryptocurrency service. Its new crypto functionality would be initially available only to U.S. consumers. The company is also looking to follow that with an international release and on the Venmo platform soon.
PayPal CEO Dan Schulman unveiled new information on the new service during the Q3 2020 earnings call on Monday. The company had also recently announced that customers would be able to buy, sell and hold cryptocurrencies directly from their accounts. Furthermore, customers could use their PayPal accounts to pay with cryptocurrencies at 28 million stores worldwide.
Shuman told that he believes that the world is rapidly moving ahead from physical to digital currencies. He added that this is especially true for payments and financial services. He stated that he had met with the representatives of Central Banks of various countries. The conclusion he had drawn is that sooner or later digital currency will dominate over traditional currency. This is due to its increased functionality as well as growing prominence amongst the investors, he said.
He furthermore added that Central Bank Digital Currencies (CBDC) were now only a matter of when and how they were to be executed. There is no denying that either today or tomorrow every Central Bank will need to bring in CBDC.
With respect to PayPal’s new cryptocurrency service, Schulman said, that PayPal had extended its daily crypto limit from US$ 10,000 to 15,000. The decision had been made because PayPal had been receiving high demand for the increase in limit, he told. The extension will become applicable in the coming two weeks, he said.
Schulman also told that PayPal’s team had been working anxiously to provide crypto services to international consumers as well. He stated that they plan to join Venmo in the initial months of next year for global expansion.
In the meanwhile, it has been reported by PayPal that consumers had already started purchasing crypto through PayPal’s crypto service. It has been told that customers are found to be checking into their accounts 2 to 3 times a day. Schulman told that this is a sign of great progress for PayPal in the future.