As you all know that PayPal is going to support crypto service on a large scale to its users. The CEO of PayPal Dan Schulman, reveals more details regarding its plan to roll out crypto service in the Q3 2020 earnings call on Monday.
As PayPal recently announced that it will support buy, sell and hold various cryptocurrencies including Bitcoin directly from their PayPal account. It can also be used to pay at around 28 million stores worldwide.
Schulman began by saying, “Clearly the world is rapidly moving from physical to digital and that’s so true for payments and financial services.” He added, “there’s no question that digital currencies are going to be rising in importance, having increasing functionality and increasing prominence.”
“I do think that our platform and the new digital infrastructure that we are putting in place right now can help make that management and movement of money more efficient and less expensive and faster.”
According to the CEO, PayPal is planning to launch its crypto service firstly in the U.S. and then to expand it internationally. Let’s see the actual statement, “We’ll roll out to 100% in the U.S. in the next two to three weeks. Then we are going to expand internationally and we will expand into Venmo in the first half of next year,”
According to Schulman, the crypto services will be rolled out internationally with the help of its mobile payments app, Venmo. It will be rolled out in the first half of next year.
He also confirmed that due to higher demand PayPal is going to increase the weekly limit of crypto purchases by 50%, to $15,000. Earlier the crypto purchase limit was $10,000.
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