PayPal’s crypto service will expand rapidly by 2021, executives said during the payments giant’s third-quarter earnings call on Monday evening.
That includes crypto services that will reach Venmo and international customers in the first half of 2021, said PayPal CEO Dan Schulman.
Currently, only 10% of US customers have access to the new crypto service, and the rest of the US have access to tools over the next two to three weeks, Schulman said. PayPal saw enough profit after announcing on October 21 that the company increased its weekly crypto purchase limit from $ 10,000 to $ 15,000.
Schulman continues to anticipate more opportunities for PayPal in an economy that includes digital identity and fully digital financial services and payments.
When it comes to central banks creating retail-oriented digital currencies, Schulman added that PayPal is looking to create “the most attractive and expansive digital wallet in the world”.
In October, PayPal confirmed what CoinDesk reported in June: It added features so users can buy, hold, and sell cryptocurrencies.
Bitcoin has risen 15% on the news but PayPal’s share price has been on a 12% downtrend since its October 21 announcement.
The payments giant reported that the volume of new payments increased 36% to $ 247 billion in the third quarter of 2020. The number of the company’s merchants increased 1.5 million to 28 million. PayPal currently has 361 million active accounts, up 22% from the previous quarter.
This is a development story.