Paypal Launches Business Unit Dedicated To Cryptocurrency – Fintech Bitcoin News


PayPal is launching a new business unit for cryptocurrency services, the company’s CEO Daniel Schulman announced this week.

In a call for profits on February 3, 2021, Schulman said the existing financial system was out of date and that his company would invest a lot of money in blockchain and digital currencies. Schulman stated:

We all know that the current financial system is out of date, and we can imagine a future where transactions are completed in seconds, not days. a future in which transactions should be completed more cheaply; and a future that enables everyone to be part of the digital economy, not just the wealthy. We are investing heavily in our new business area of ​​crypto, blockchain and digital currencies to help shape this broader future.

The new crypto division is expected to be launched this quarter. The CEO also announced that customers at 29 million PayPal merchants worldwide can use crypto to pay for goods and services. This service is expected to be rolled out before the end of this quarter.

Schulman said, “We hope to open our first international store in the next few months.” He also stated that “everyone who has signed up for Crypto opens their app twice as often as before.”

PayPal announced in late October that its customers – with more than 300 million active users – can now buy, hold and sell Bitcoin (BTC) and other digital assets through their PayPal accounts. The decision resulted in a sharp rise in BTC prices.

What do you think of Paypal’s new crypto business unit? Let us know in the comments below.

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