PayPal ventured into cryptocurrency markets last year with a bang and then continued to extend its offerings to strengthen its foothold in crypto. space.
After a successful debut in 2020, PayPal is extending its cryptocurrency endeavours by rolling out crypto services in Venmo app.
PayPal Rolls Out Crypto Services in Venmo
PayPal announced support for cryptocurrencies allowing its 29 million merchants to accept cryptocurrency as a funding source when their customers buy through cryptos. In the firm’s Quarter 4 Earnings call concluded on Thursday, the CEO Dan Schulman reported that fir is now going to ‘double down’ on cryptocurrencies. Venmo, the mobile payments app from PayPal, will present an array of new features including cryptocurrency, budgeting and saving.
PayPal currently allows its users to buy, hold and sell cryptocurrency in collaboration with Paxos Trust Company, a regulated crypto services provider. When PayPal debuted in crypto markets in November, it had indicated that Venmo would offer similar services in 2021. In the Quarterly Call, PayPal confirmed that Venmo app users would also be able to hold, buy and sell cryptocurrencies from the app and also be able to leverage various investment alternatives.
PayPal’s stint with cryptocurrencies so far has been phenomenal, and the payments giant is looking to expand its offerings further. Dan Schulman said “We also saw an exceptional response from our crypto launch. The volume of crypto trading on our platform greatly exceeded our expectations.”
The firm is also working with the central banks and lawmakers to create a better financial ecosystem as the world fast moves away from the physical cash. He further indicated that in 2021 the firm would focus on blockchain, crypto and digital currencies. The payments giant is investing substantially in its new blockchain, digital currencies and crypto unit as per the CEO.
PayPal has seen a massive surge in user activity after rolling out cryptocurrency support. The CEO noted that with the new features in the Venmo app, the transactions, user activity and payments volumes would grow further. The engagement will increase, and the app would emerge as an all-round digital wallet offering services more than just payments.
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