PayPal details its crypto plans

Tuesday 3 November 2020 13:15 CET | News

PayPal’s CEO has provided more details about the company's recent embrace of Bitcoin and other cryptocurrencies, discussing potential partnerships with central banks.

In one of the company’s recent earnings calls, Dan Schulman, the CEO, said that starting in 2021 PayPal will let users withdraw funds from cryptocurrency accounts to pay for goods and services at merchants that use the company's platform. The arrangement, he says, will not result in any incremental fees for either consumers or merchants.

The expansion will also enable customers to use Venmo, its peer-to-peer payment service, to buy and shop with cryptocurrencies. He added that PayPal is in close talks with central banks and regulators to explore new uses for the digital crypto wallets.

As CoinDesk also noted, PayPal’s cryptocurrency service is going to expand in 2021. As PayPal saw high consumer interest following its announcement on 21 October, it has increased weekly crypto purchase limits from USD 10.000 to USD 15.000.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: PayPal, cryptocurrency, Venmo, digital wallet, Bitcoin, payment service
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies