Amidst the COVID-19 pandemic, the cryptocurrency world boosted the use of PayPal, the online payment giant, incredibly. It has been observed that 505 of the crypto holders around the globe open the PayPal app daily. PayPal is now trying to attract the cryptocurrency industry as a crucial component of its potential growth plan in this regard.
For USA’s clients, PayPal currently allows Bitcoin, Ether, and Litecoin to be traded. But PayPal is also planning to roll out the United Kingdom feature very soon. Now that PayPal has entered the world of cryptocurrency trading, an all-time high record of $49,000 was recorded on February 12 in this bitcoin rally.
Dan Schulman, the Chief Executive Officer of PayPal, believes that Bitcoin is an essential financial player in the digital currency sector. With the various digital currencies and the technology relating to them, it can be expected that cryptocurrencies or Bitcoin are worthy of being the key player in financial services. Keeping this trend in mind, PayPal is planning to bring up its new features, such as payment through cryptocurrencies, by the end of this year. Apart from cryptocurrency trading, PayPal is also targeting crypto payments.
PayPal’s few other newly released products in 2020 have replicated the popularity of digital asset trading, such as buy now, pay later, and QR codes. Simultaneously, during the latest quarter, another product from PayPal named Venmo is expected to incorporate cryptocurrencies.
PayPal CEO Prediction
PayPal CEO Schulman estimates the business to have 750 million active accounts in five years, up from 377 million in 2020, due to the rising product range. He states that the company is continuously working to deploy new features with the service, enforcement, and security departments. The overall pay differential rose 39% to $277 billion, exceeding the predictions of Wall Street.
The product portfolio is a way of developing PayPal as a forum for everyday financial services. Crypto services will help extend the variety of financial assistance provided through the PayPal and Venmo apps, facilitating the conversion of those apps to ‘destination apps’ not only for financial services but also for cryptocurrency trading.
PayPal is now among the largest financial institutions in the world of cryptocurrency, making its services reliable and secure.