Demand for cryptocurrencies has exceeded PayPal’s initial expectations after the company launched cryptocurrency trading in late 2020, the company’s CEO said.
The demand for cryptocurrencies has been many times greater than we initially expected. There’s a lot of excitement, Dan Schulman, president and CEO of PayPal, said Sunday in an interview with Time magazine.
Mr. Schulman noted that the existing financial infrastructure needs to be modernized as it is currently inefficient due to high costs and slow pace of international transactions. The CEO predicts that the financial system will change more in the next five to 10 years than in the past two decades.
In ten years, you will see a huge drop in the use of cash. All payment factors will collapse into mobile. Credit cards as a form factor will disappear, and you will use your phone because it can add so much more value than just pulling out your credit card, he said.
According to Shulman, central banks will have to rethink their monetary policies if people stop using paper money. According to the top executive, central bank digital currencies can benefit from new technologies, such as distributed ledger technology. But they are essentially digitizing fiat currencies, such as the U.S. dollar, Shulman said.
PayPal has announced plans to introduce the ability to buy, store and sell a range of cryptocurrencies, including bitcoin (BTC) and Ether (ETH), in October 2020. When the new feature arrived in the US in mid-November, bitcoin was trading at around $16,000. As a result, the world’s largest cryptocurrency experienced a massive rally that sent the price to a new all-time high above $64,000 in April.
Amid rising prices and demand for cryptocurrency services, PayPal further expanded its cryptocurrency services for customers by launching a cryptocurrency check service in late March that allows merchants to make payments in cryptocurrency. Last week, Venmo, a payment platform owned by PayPal, introduced crypto currency trading for four major coins, including BTC, ETH, Litecoin (LTC) and Bitcoin Cash (BCH).
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