Cryptocurrency, Cryptocurrency Exchange, News, Regulation

PayPal CEO Excited About the Potential of Cryptocurrency

Major firms have expressed their desire to integrate crypto payments into their infrastructure, given their versatility and instantaneousness. The likes of AMC entertainment, Newegg, and mainstream fashion houses are now accepting crypto payments, which speaks volumes of virtual currencies’ prospects.

One person that’s excited about the potential of cryptos and their role in the financial system is Dan Schulman. PayPal’s CEO admits that virtual currencies go beyond buying and selling, and to him, it’s the least exciting part.

Schulman Shares His Delightedness About Digital Assets

The payment’s giant CEO said he is excited about digital currencies and DLT and what they can do in the financial ecosystem. He further revealed that virtual currencies’ trading activities and market outlook are nothing to be compared with their use cases, which remain largely undiscovered. 

While speaking to Israeli’s CTech, Schulman said most people are only bothered with what BTC would be valued the following day, purchasing, and selling it, which he describes as uninteresting. Schulman said what excites him about virtual assets is their utility in the future.

Schulman’s latest statements confirm his unwavering support for these virtual currencies, just as he did in 2020. He’s been an advocate for cryptos for the longest time possible, which influenced his decision to delve into the nascent sector. 

Before venturing into the sector, experts raised concerns about how the online payment service would offer cryptocurrency services and maintain its fiat services. PayPal has exceeded all expectations and is now at the forefront of driving virtual assets’ adoption. 

PayPal’s Crypto Exploits

PayPal is one of the earliest payment companies that ventured into the world of virtual currency. In 2020, the payment giant added BTC, ETH, LTC, and BCH to its supported currency of payments alongside fiat, marking their first move in the industry. The company has never looked back since it made this surprising move. 

This was followed by the extension of crypto services to the U.K., a decision that allowed millions of U.K. citizens to trade cryptocurrencies conveniently and securely. Recall that PayPal first offered this service to Americans. 

These moves were not the most significant for PayPal. The firm purchased Curv last March to expand crypto service offerings. Its subsidiary Venmo has also listed bitcoin for crypto transactions. It was reported that crypto transaction volume on Venmo hit $58 billion in the second quarter of 2021. 

Late last year, the payment company launched an all-in-one app, “the Super App,” for crypto users to perform transactions and manage their holdings. 

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