The Chief Executive Officer of PayPal Dan Schulman announced plans of their blockchain and digital currency service offerings during a quarterly earnings call on the 3rd of February.
He disclosed that PayPal users will have the opportunity to spend their digital currency with the 29 million merchants that use PayPal before the end of Q1 2021.
Schulman added that PayPal customers can buy, sell and hold services on the different cryptocurrencies via their mobile payments app Venmo in the coming months.
“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,” said Schulman. “We are significantly investing in our new crypto, blockchain, and digital currencies business unit to help shape this more inclusive future.”
Schulman hinted that PayPal is working towards offering even more digital currency services for its users, “this is just the beginning of the opportunities we see as we work hand-in-hand with regulators to accept new forms of digital currencies.”
He concluded by saying that blockchain technology and digital currency are here to stay.