Payment giant Paypal (Paypal) revealed more details of its new cryptocurrency service. The company is currently rolling out encryption to US customers, and it will launch the service internationally and on the Venmo platform.

PayPal’s CEO launched an encryption plan

Paypal CEO Dan Schulman (Dan Schulman) provided new details on the company’s new cryptocurrency service during the third quarter 2020 earnings call on Monday. Paypal recently announced that its customers will be able to buy, hold and sell cryptocurrencies including Bitcoin directly from their Paypal accounts. The cryptocurrency in the Paypal account can also be used to pay for purchases in 28 million stores worldwide.

Shulman began by saying: “It’s clear that the world is rapidly changing from physical to digital, as are payments and financial services.” He added that based on his conversations with central banks and people in the crypto industry, “There is no doubt that digital currency The importance of the digital currency will continue to increase, its function will become more and more important, and its status will become more and more important.” The CEO also believes that the central bank digital currency (CBDC) “is related to when and where to complete them, and is related to Whether it’s related.”

He claimed that Paypal and its digital wallets and their current scale “can help shape the utility of these currencies.” The CEO believes: “I do think that the platform and new digital infrastructure we use now can help make the management of funds and Transfer is more efficient, cheaper and faster.”

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Regarding the encryption service recently announced by Paypal, the CEO shared: “Our base is very eager for us to provide these features. It is indeed high on their wish list.” He also revealed:

We only expanded it to 10% of our base. We did it a few days ago. But our waiting list is 2 to 3 times what we expected. According to our needs, we will increase the daily limit of US$10,000 to US$15,000 per day.

“In the next two to three weeks, we will expand to 100% in the United States. Then we will expand internationally and will expand to Venmo in the first half of next year.” He continued. “This is our starting point.”

In addition, the CEO stated that Paypal has “seeed people who have purchased cryptocurrency” on its platform, and pointed out that some users “open their wallets several times a day to check the status of their cryptocurrency investments…we have already started See some halo effects that follow.”

Schulman previously revealed that he owns Bitcoin, he stated:

But what really excites me is the product we will launch next year. I think this will greatly improve the utility of cryptocurrency by allowing people who hold cryptocurrency in their Paypal account to immediately convert that cryptocurrency into legal tender.

He explained that these 28 million merchants do not require additional integration and “settled fiat currency into fiat currency immediately”, adding that this method is “a low-cost financing mechanism” for Paypal.

In short, Schulman said that in addition to the plan detailed above, “in the course of next year, you will see us enter several different areas”, noting that he sees that Paypal can do “a lot of interesting things with cryptocurrencies.” “. The CEO emphasized that his company “worked hand in hand with regulators, which is very important for them to expect us to become a market leader in the digital currency space.”

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What do you think of PayPal’s encryption plan? Let us know in the comments section below.

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