It’s PayPal earnings day, and the firm has released new information regarding its cryptocurrency plans.
These plans include a new dedicated business unit for PayPal’s crypto ambitions, according to CEO Daniel Schulman, who spoke throughout PayPal’s earnings call on Wednesday.
“We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future.”
A source with all of these plans described the business unit plan as PayPal” going all in” on such services.
Schulman also said that PayPal is”eager to build upon this early victory by allowing customers to utilize their crypto balance as a funding source any time they shop at our 29 million merchants.”
“We anticipate the rollout of the capability to begin late this past year, and we hope to launch our very first global marketplace in the upcoming several months,” he went on to explain. A Venmo integration with crypto is expected” in the coming months.”
Schulman explained such steps as”only the start of a comprehensive roadmap around crypto, blockchain, and digital currencies”
One of the other factoids: per Schulman, “everyone who signed up for crypto is opening up their app two times as far as they previously did.”
PayPal created its crypto services last October with the launch of a partnership with business startup Paxos, as mentioned at the moment. The services officially went in the days after that announcement, opening up to eligible U.S.-based users on November 12.
The payments giant struck a bullish tone at that time, with Schulman noting at the time:”That is just the start of the chances we see as we operate hand-in-hand with regulators to accept new kinds of digital currencies.” He also suggested that PayPal could one day integrate central bank digital currencies should those gather steam in the future.