Paypal has rolled out its plans for global operations early in 2021. It has further stated its plans by expressing the company’s support for central bank digital currencies (CBDC). During the Q3 earnings call, Dan Schulman, CEO of Paypal said :
“The world is rapidly moving from physical to digital on that, so true for payments and financial services. My conversations with central banks, with the regulators, with a number of folks in the crypto field, there’s no question that digital currencies are going to be rising an importance, having increasing functionality and increasing prominence CBDCs, from my perspective and all my conversations, are a matter of when and how they’re done, not if.”
Shulman added that with the platform and the digital wallets they have right now, they can help shape the utility of those currencies that can range from interoperability, between wallets, between the currencies themselves, and importantly, into their network of merchants for commerce.
He further stated that their base is very eager to offer these capabilities. There are only 10% of Paypal’s clients in the U. S. have access to crypto services. Depending on the demand, they will be increasing their weekly purchase for cryptocurrencies from $10,000 to $15,000.
Paypal will be expanding their crypto services globally together with the launching of its mobile app, Venmo, in the first half of 2021.
Schulman added :
“But that’s just the start of things that we want to go and do with crypto capabilities over the course of next year you’ll see us move into a couple of different areas.”
More than a week after adopting cryptocurrency to its platform, the move by Paypal to support central bank digital currencies (CBDC) reflects its overwhelming support for crypto adoption. With more than 327 active users, this will have a significant effect on the entire crypto market. The increase in the number of giant companies and even state-level crypto adoption guarantees a constant growth of the crypto industry.