January 17, 2021

Cryptheory

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PayPal CEO opens up on Bitcoin and crypto adoption

2 min read

  • PayPal CEO says financial services have gone digital
  • Discloses that Venmo would begin to support crypto services by the first half of 2021

PayPal CEO, Daniel Schulman, during a recent interview with Andrew Ross Sorkin on CNBC’s Squawk Box said that cryptocurrency would offer more utility in the future.

The PayPal CEO said that the pandemic might have played a role in the digitizing of financial services too. He said that most consumers were no longer interested in handling cash and that has led to the digit luring of every industry right now.

He went on to state that all forms of money were based on trust. And that trust gives the users a set level of values in the ability of those currencies.

He also said it was obvious that the world was looking at digital payments in a new light and that after PayPal’s consultations with other players in the industry, it became clear that it was a matter of time before the new payment method was adopted.

PayPal CEO also disclosed that the new financial service era has moved from the physical to digital. He noted that identity management, forms of commerce and payments methods and financial services have all gone totally digital.

PayPal CEO says Venmo would integrate crypto features in first half of 2021

Daniel Schulman has said that Venmo would be able to carry out crypto transactions by the first half of 2021.

He said that users of PayPal in the United States are able to currently buy, sell and hold cryptocurrencies. International users would be able to do that by next year.

PayPal also disclosed that the New York Department of Financial Services had granted PayPal a pioneer conditional bit license. This license would allow the financial institution to be able to provide services that would allow its users to trade with over 28 million outlets of PayPa.

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