On 3rd November, PayPal received sufficient interest and consequently expanded its weekly crypto purchase to $15000. A week ago, PayPal verified CoinDesk reports in June; it launched crypto services for its global platform presenting better features to buy, hold, and sell cryptos. The company was set to introduce crypto to over 300 million users with Paxos Crypto Brokerage.
PayPal system now provides Bitcoin, Litecoin, Ethereum, and Bitcoin Cash in their digital wallet. It has matched up with technology advancement for over two decades to make financial services and commerce more convenient, affordable, and secure. Now, it has over 300 million consumers and merchants in more than 200 markets to prosper internationally.
Cryptocurrencies are a niche payment method. They have gained popularity among different investors because their prices keep changing fast compared with traditional state-backed currencies. Paypal intends to expand in the crypto world to encourage merchants to use the prominent service and facilitate payments.
PayPal Adoption of Crypto
Recently PayPal users were yearning for crypto services in the reputable platform. 10% of users in the U.S can access the service, but they are hopeful by December, the crypto services will be accessible Internationally. Paypal will also launch the Venmo payment app in the course of the first half of next year to target the millennials.
The company also saw a rise of 36% in payment volume to $247 billion in its third-quarter this year. It has expanded to 361 million users, which is a 22% increase quarter-over-quarter. Merchants’ number has also risen to 28 million. Schulman said that the company looks to form “the most expansive and compelling digital wallet in the world.”
In the first quarter of 2021, the platform’s users will use their cryptocurrency holdings as a funding source to pay at PayPal’s 26 million merchants internationally. Consumers will instantly convert their selected cryptocurrency to fiat currency to obtain better value. PayPal merchants will see all transactions settled with fiat currency at their current PayPal rates with no hidden charges.
Investing in the Financial Future
PayPal wants to advance itself by partnering with various cryptocurrency platforms and central banks globally because of its great potential. PayPal has expanded its focus and resources on surveying the next generation of digital financial services to digital commerce through internal blockchain-focused scholars.
The Tech Giant realizes that cryptocurrencies are gaining stardom, are highly reliable and very functional. The platform aims to achieve efficient, faster, and cheaper procedures for managing and transferring money. From 2021 the company will adopt different things to better their services.“The world is rapidly moving from physical to digital,” said PayPal CEO, Dan Schulman
