PayPal’s cryptocurrency services have met with considerable success, although the assets are not yet transferable. This is why the company has decided to push its advantage: it will offer crypto payments to merchants in the network very soon.
PayPal will soon unblock cryptocurrency payments
It is the CEO of PayPal, Dan Schulman, who communicated on this progress during a call reported by our colleagues at ZDNet . He explains that the launch of cryptocurrency-related services has exceeded all of the firm’s expectations:
“We saw an incredible response to our crypto launch, even with high expectations the trading volume far exceeded all of our projections . “
PayPal is therefore working hard: cryptocurrency payments will be released “ at the end of this quarter“ , in March according to initial estimates. This “will allow customers to use their cryptocurrency funds […] with our 29 million merchants” .
PayPal, the new cryptocurrency giant?
The move is expected to have a marked impact on the cryptocurrency ecosystem, with PayPal becoming the first major payments company to use these assets. As a reminder, the firm has nearly 300 million active users , so it is as many funds that could be intended for Bitcoin and altcoins.
This is a windfall for the company: it is estimated that its turnover related to cryptocurrencies will exceed $ 2 billion by 2023 . PayPal explained in its Q4 2020 report that the addition will be done automatically for merchants, with no additional fees, and transactions sent in cryptocurrency will be settled in fiat currencies when they arrive at the recipient account.
Cryptocurrency purchases soon available in France?
For now, cryptocurrency purchases and sales are only available in the United States. But the CEO of PayPal has confirmed that the services – including future payments – will be opened internationally “ in the coming months . „
Dan Schulman further explains that PayPal will become a complete ecosystem for crypto enthusiasts:
“These first steps are just the start of a vast roadmap focused on cryptocurrencies, blockchain and digital currencies. „