Many of us in the cryptosphere would fondly remember how the crypto market went into a wild spin shortly after PayPal announced that they will be offering cryptocurrencies payment last year.
In their most recent earnings call, the most widely used payment firm has announced new details regarding their plan to double down on their cryptocurrency initiative.
Part of this plan includes a new dedicated business unit to spearhead PayPal’s ambition to be the leading crypto payment company.
We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future.” – said Dan Schulman, PayPal’s CEO
We can expect PayPal to soon allow their users to pay for goods and services using cryptocurrency as a funding source this year. PayPal’s 29 million merchants would immediately be able to tap into the new form of “money” when this feature is ready.
According to Schulman, another interesting thing to note is that those who actually transacted in cryptocurrencies within their PayPal accounts, tend to open up the PayPal app twice as often.
When governments around the world start to launch their own central bank digital currency, it may begin a convergence of legitimacy and revolution towards the entire cryptocurrency landscape. This may then herald the new Money 2.0.
