As we all know by now, PayPal has announced that it’s planning to allow users to buy digital currencies through it’s platform. In addition, people can pay for goods and services with digital currencies. However, it appears the platform is also really looking to expand its overall crypto presence.
PayPal Says Venmo Is Coming
This has been established in the fact that it has acquired a conditional Bit License and that it’s looking to potentially purchase Bit Go and other crypto custodial firms, but the company’s CEO Dan Schulman has also stated that the company is looking to integrate Venmo. In addition, executives are also planning to forge partnerships with several leading banks and financial industries.
All the while, users can purchase items from approximately 28 million different vendors through PayPal and they will not be charged any fees to do so.
Schulman says that one of the main reasons PayPal has decided to link itself to crypto is because last month, the company garnered a heavy response to its crypto offering. Many people were waiting in line to get their fingers on crypto, and this was the big bell that went off in Schulman’s head. As it stands, approximately ten percent of PayPal’s customers own and utilize cryptocurrency, which is about two or three times more than what the company thought would be the case.
In addition, he says that there are far too many banks out there looking to get in on the crypto wave, suggesting that this was also largely a case of PayPal not wanting to fall behind. Crypto wallets are also being offered by major tech firms such as Apple and Google, and PayPal is looking to remain ahead of the game. In an interview, Dan Schulman said:
Digital wallets are a natural complement to all forms of digital currency.
Lastly, cryptocurrency systems and blockchain technology – according to Schulman – have a lot of financial benefits for the companies that look to utilize them. They are cheaper and require less support than traditional platforms. They are also far more efficient and are quicker to verify transactions and related activity.
Within the next few weeks, Venmo access will be granted to all users who wish to purchase items with cryptocurrency. Schulman agrees that many traditional financial services and institutions just aren’t working for a lot of people. There are too many unbanked populations and banks can be very picky about who they do business with, which thereby bars several people from gaining access to the tools and services they may need.
Looking to Help All Customers
He is convinced that the crypto system can help not only low-income people, but virtually everyone who seeks to utilize it.
At press time, bitcoin – the world’s leading cryptocurrency by market cap – has surged $200 from its price from 24 hours ago and is trading at $15,300.