Home
News
- PayPal CEO has revealed the payment giant’s plans regarding the expansion of crypto services
- The payments giant has plans to allow its user to do more than buy, sell, and hold cryptocurrencies
- Although the firm has a solid optimistic view regarding cryptos, it has no plans to add Bitcoins to its portfolio
PayPal CEO Dan Schulman has hinted regarding their crypto services’ future developments. The CEO discussed the grand plans during the Forbes 2021 Blockchain 50 Symposium event this week earlier. During the chat with Michael del Castillo, Schulman revealed that the system would undergo more changes over the next five years comparing the firm’s progress in the last 30 years. Moreover, it is known that cryptocurrencies will lead the way to help achieve the developments.
PayPal crypto services’ future development plans
In the event, Schulman explained that one of the biggest challenges faced by society is that millions of individuals are being excluded from the current financial system. Hence, following the scenario, PayPal has plans to allow its users to do more than just buy, sell, and hold cryptos.
Moreover, according to the CEO, allowing the merchants to accept crypto payments is just the beginning. Schulman stated that the payments giant really wants to use digital assets as a funding source for everyday transactions. Notably, the CEO also shared that the firm will eventually leverage smart contracts and other underlying technologies to ensure that a payment is more than just a transaction.
Will the payments giant add Bitcoins to its portfolio?
Schulman revealed that the payments giant has no plans to add Bitcoin to its investment portfolio. Following such high optimism regarding digital assets, many concerned about why the firm has no plans to add BTC to its balance sheet. According to the CEO, their firm’s balance sheet consists of safe assets with less volatility since funds are needed to be used in ways that may offer returns to the shareholders. Following the previously mentioned fact, PayPal wants to ensure that its balance sheet has a consistent capital allocation.
Cryptocurrency innovation can take longer than expectations
Notably, the crypto service plan of PayPal is significant, but it might take longer than expected to execute the projects. According to the CEO, it is likely that the services could reach $200 million in volume in just a month or maybe less. Notably, Coinbase Commerce took 13 months to achieve such a volume. However, with more than 375 million users of digital wallets and near 30 million merchants, PayPal can break new boundaries.
