Home News PayPal will open a new cryptocurrency business unit

PayPal will open a new cryptocurrency business unit


PayPal has released new details on its plans for cryptocurrencies. These plans include a new dedicated cryptocurrency business unit, according to CEO Daniel Schulman. So, PayPal secured a partnership with the cryptocurrency company Paxos. The new cryptocurrency division is expected to launch later this quarter. The companies didn’t disclose details of the partnership between them. Therefore, at the moment, we don’t even know which cryptocurrencies the new service will support. Sources say the parties may reveal the first details this week.

The future of transactions

“Everyone knows that the current financial system is outdated. We can imagine a future in which transactions will complete in seconds, not days. Firstly, a future where transactions should be less expensive. Secondly, a future that allows all people to become part of the digital economy. We are investing substantial funds in our new Cryptocurrency business unit to help shape this future ”, said the CEO of PayPal.

The company has high hopes for a new cryptocurrency department.

We look forward to launching a new feature this quarter. Users will be able to pay for purchases in various stores using cryptocurrencies in their accounts. And these are just the first of the new possibilities. According to him, PayPal users who have bought cryptocurrencies open the application twice more and evaluate the account balance. In addition, the company may also add support for government cryptocurrencies, if there is interest in such assets from users. A few days ago Schulman said that PayPal is going to invest a lot of money in the cryptocurrency industry.

In conclusion, I would like to remind, that PayPal launched a cryptocurrency purchase feature in its app for US users in November last year. The launch was quite successful. As a result, only on January 11, PayPal users made transactions with cryptocurrencies for $ 242 million.

The CEO of PayPal admitted that he didn’t expect such high turnovers from the new direction. “Interest in Bitcoin has exceeded our expectations 2-3 times”, – Dan Schulman, CEO of PayPal.

Previous articleCrypto exchange KuCoin was able to recover 84% of $ 285 million stolen in September
Next articleTesla’s Bitcoin purchase announcement led to liquidation of $ 500 million and disruption of exchanges