Payment company PayPal revealed further plans for cryptocurrencies during a teleconference on its financial activities on Wednesday. According to its CEO Dan Shulman, a dedicated unit will be formed to manage digital assets-related issues.
“We all know that the current financial system is outdated. We are focused on a future where transactions will be completed in seconds, not days; a future in which the execution of transactions will be less expensive; a future in which all people can become a part of the digital economy, not just the financially prosperous. We are investing heavily in our business in the crypto space to help shape this more inclusive future, ”he said.
The Block, citing a source, writes that the formation of a separate division for issues related to this space indicates the company’s intention to “go all-in.”
Schulman also stated that he is “pleased to build on early advances by allowing customers to use their cryptocurrency accounts as a source of funding for their purchases at the 29 million outlets we serve.”
“We expect to start rolling out this capability at the end of this quarter and hope to launch our first international markets within a few months,” he said, adding that the integration of cryptocurrencies into the Venmo app should happen “in the coming months”.
All of these plans are “just the beginning of an extensive roadmap around cryptocurrencies and blockchain,” Shulman said. Among other things, the CEO shared his observations that customers who use PayPal to buy and sell cryptocurrencies began to open the application twice as often as before.
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