PayPal CEO Talks about Plans to Support New Digital Currencies

PayPal CEO Talks about Plans to Support New Digital Currencies

During the presentation of the financial report on the results of the third quarter of 2020, the CEO of PayPal said that the company plans to add support for new digital currencies.

Daniel Schulman noted that it is still unclear which forms of digital currencies will be most popular in the future. However, PayPal is ready to add support for state-owned cryptocurrencies, which are being worked on by central banks in many countries. Shulman said:

“We see a lot of opportunities, and this is just the beginning. We are working very closely with regulators to adopt new forms of digital currencies. The emergence of state-owned cryptocurrencies is a matter of time. Our platform and its popularity can help the use of digital currencies. This applies both to the interaction of electronic wallets, the exchange of currencies among themselves, and the development of a network of stores and retail outlets with support for digital currencies.”

The CEO of PayPal also stressed that the audience of the payment company is very positive about the introduction of support for cryptocurrencies and other digital assets. At the moment, about 10% of the platform’s customers have access to buying and selling cryptocurrencies. According to Shulman, the number of people who want to use these services “is 2-3 times higher than expected.”

Recall that PayPal users from the United States received access to the purchase and sale of cryptocurrencies on October 21. According to Meltem Demirors, Director of strategy at CoinShares, PayPal may be preparing to launch its own cryptocurrency.