Dan Schulman, CEO of payment giant Paypal, revealed that the demand for cryptocurrencies has reached “many times” the company’s initial expectations. Paypal’s Venmo recently started to introduce cryptocurrency features to enable Venmo users to buy, sell and hold cryptocurrencies including Bitcoin.
Demand for cryptocurrencies exceeds PayPal’s expectations
Paypal CEO Dan Schulman talked about cryptocurrencies, especially Bitcoin, in an interview with Time magazine published on Sunday. Paypal operates in more than 200 countries/regions and conducts transactions in more than 100 currencies. Last year, the company processed 15.4 billion payments worth US$936 billion. The company has approximately 30 million merchants in its network.
Shulman first shared the story of how he used Paypal’s encryption service to buy boots and pay with Bitcoin. He pointed out that it only takes a few seconds to buy the cryptocurrency. He said: “This is cool.” The CEO stated that one of his company’s major initiatives is to “help bring digital currency to the world by adding cryptocurrency services. Into the mainstream.”
One of the questions he was asked in the interview was: “What does this shift to digital currency mean to our financial system?” Shulman replied: “In the next five to ten years, you will Seeing more changes in the financial system than in the past 10 to 20 years,” he added:
The demand for encryption has reached several times what we initially expected. There is a lot of excitement.
Schulman also explained that Paypal has “studied digital currencies and DLT forms for about six years.”
However, he pointed out: “But I think it’s too early, and I think there were much more cryptocurrency assets than currencies at the time. They were too volatile to become viable currencies. And there are still many people who don’t really understand them. The field we are going to enter, what we really want to do is to make sure it becomes more mainstream so that we can go hand in hand with it. Regulators, and then put any product on the market.”
Paypal launched its encryption service for US customers in November last year. Then, the company established a business unit dedicated to cryptocurrency in February and launched the “checkout with cryptocurrency” feature at the end of March, enabling crypto payments in millions of stores. Last week, Venmo began to launch cryptocurrency transactions for its 70 million users to buy, sell and hold cryptocurrencies.
What do you think of Paypal CEO’s comments on Bitcoin and cryptocurrencies? Let us know in the comments section below.
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