PayPal, with a good number of emerging, happy American consumers exploring the newly provided crypto services, is very likely to grow into the world of digital currency. Or, to place it better, the world of digital currency is likely to grow big after the push provided by PayPal cryptocurrency.
The online payment company is working on including CBDCs into their platform. And now they have already started extending cryptocurrency services to their American consumers.
It was announced earlier that they would be launching the crypto functionality on the Venmo app soon. Now this applies to international consumers, as said by Dan Schulman. The current CEO of PayPal also confirmed completing the cryptocurrency service within Q2 of 2021.
Coinndesk approved that PayPal still has a long way to go. The number of customers in the US who have access to the newly introduced crypto services is just 10%. However, the entire process is expected to be completed at the end of November 2020.
According to Schulman, the limited consumers to whom they provided access to the new service were the base. There is a huge growing number of users on the waiting list and they plan to serve them soon.
The company’s CEO said that they are looking forward to increasing the weekly limits of the crypto-related transactions by a good 50%. He also mentioned that the daily limits would soon be increased according to the ongoing demand.
Things don’t end here when it comes to the PayPal crypto services….
According to the company’s CEO, they will soon be taking their services to the international markets as well. This is happening after they win over American customers. The plan is to completely extend the service in the United States followed by the international market and Venmo by June 2020.
PayPal and Central Bank Digital Currencies
There is a huge possibility of the Central Bank Digital Currency to get included in the PayPal scenario. Schulman explained that with CBDCs it was more a matter of ‘when’ and ‘how’ and not ‘if’. They hope to give a new dimension to the world of digital currencies with the platform they provide along with their potential.
Apart from regular services like trading, buying, selling, they also provide consumers with the ability to store or make use of their digital coins for payments. The companies that are likely to gain a good push in the initial days are Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).