[ad_1]
Source: Wit Olszweski – Shutterstock
- PayPal executives confirmed that Bitcoin and Ethereum will be integrated into the digital wallet globally in the first quarter of 2021.
- PayPal first wants to gain experience with cryptocurrencies before the integration of digital central bank currencies (CBDC) is introduced.
PayPal provided a hype on the cryptocurrency market a few days ago, when the payment giant announced it was integrating Bitcoin, Ethereum, and other cryptocurrencies into the digital wallet. In a new investor update, the firm has provided further details on the exact roadmap for the coming months.
Cryptocurrencies in the spring of 2021, CBDCs will follow
As part of the update, PayPal CEO Dan Shulman said the financial world is undergoing a transition from physical to digital currencies and that PayPal will play a pivotal role in this revolution. According to Shulman, various cryptocurrencies and technology projects are forcing traditional providers like SWIFT and PayPal to question existing infrastructure and offer new payment solutions to their customers.
Shulman strongly believes that the traditional financial structure has had its day and that the time is ripe for a revolution and that PayPal can and will promote future development thanks to its reputation and innovative power:
I think our platform and all the new digital infrastructure we are putting in place right now can help make money management and movement more efficient, less expensive and faster.
The CEO went on to describe that the demand for crypto services within the company has increased dramatically and by the end of the year, all US citizens will have access to cryptocurrencies via PayPal. The expansion of services for the remaining customers outside the United States of America is expected to follow in the first quarter of next year.
Shulman pointed out that many users look at their wallet several times a day to closely monitor the performance of their assets:
We see people who have already bought cryptocurrencies open their wallets several times a day to check what is happening with their cryptocurrency investments.
Due to the high interest PayPal will increase the weekly purchase limit from $ 10,000 to $ 15,000. PayPal also plans to integrate cryptocurrencies into the Venmo digital wallet, which already has 300 million users worldwide. This will bring 346 million users into contact with cryptocurrencies via PayPal and another 300 million via Venmo.
PayPal users can also use cryptocurrencies with over 28 million merchants connected in the payment network. In a new podcast by Anthony Pompliano with Reuters correspondent Anna Irrera, who also wrote the headlines of PayPal’s plan to enter the cryptocurrency market, Irrera explained that PayPal is also preparing to integrate CBCDs.
Gain experience with cryptocurrencies before CBDCs arrive
According to Irrera, the beginning with decentralized cryptocurrencies also serves to gain experience with these new assets. According to PayPal CEO Shulman, it’s not a question of whether CBDCs will arrive, but only when. The company would therefore like to play a decisive role in shaping further developments in this area and further promoting adaptation.
[ad_2]Source link
