PayPal has emerged as one of the biggest supporters and adopters of Bitcoin in recent times, giving a significant push to cryptocurrencies towards mainstream adoption.
Dan Schulman, the CEO, and President, highlighted the value proposition of Bitcoin in a recent interview.
PayPal CEO shares insights about Bitcoin.
In an interview with Andrew Ross Sorkin in the talk show “Squawk Box,” he answered an array of questions surrounding Bitcoin and how he values the leading cryptocurrency. Paypal recently announced launching a new payment service which allows the users to Hold, sell and buy cryptocurrency through their Paypal wallet. It also announced that Bitcoin could be used as a funding resource for making a purchase across 28 million merchants on the PayPal network.
Schulman said that “during the pandemic, the use of cash has declined massively,” making digital payments more important. He opines that as people are flocking towards cryptocurrencies and digital currencies, the company is allowing the use of cryptocurrencies as a funding resource across 28 million merchants, thereby fostering the use of cryptocurrencies across the globe. He further added that PayPal has observed that more and more institutions and central banks would start issuing digital forms of currency. This would, in turn, increase the utility of cryptocurrencies.
Schulman noted that it is important for the company to work in tandem with the regulators. Citing that the company was able to seamlessly move into the cryptocurrency space after it worked in collaboration with the New York Department of Financial Services to get the Bitlicense.
As PayPal extends its integration with Bitcoin and other cryptocurrencies, Schulman added that he is excited about what’s upcoming. “But what I’m really excited about is what we’re going to introduce next year, which is, I think going to dramatically increase the utility of cryptocurrencies by enabling somebody, who holds a cryptocurrency in a PayPal account to instantaneously transfer that crypto into fiat currency at a set rate.”
PayPal integration would increase the crypto capabilities of the users through next year as the company increases its integration for Bitcoin and provides newer functionalities down the line. Schulman also cited that the company would work in tandem with the regulators at every step to ensure that it complies with the legalities.
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