A late start, but we’re catching up on development: PayPal will allow its users to pay in cryptos to the 29 million merchants who are members of the network.
Solid foundations, room for development
In his Q4 earning call on February 3, 2021, PayPal CEO Dan Schulman said that PayPal users will be able to use cryptography as a means of payment from the network’s 29 million merchants by the end of the first quarter of 2021.
According to Schuman, the volume of cryptos exchanged on PayPal has far exceeded their expectations. The volume of cryptos transactions on the platform peaked at $242 million on January 11, 2021.
When it launched its cryptos services, PayPal only offered services for the purchase, custody, and sale of cryptos.
These services will be added to Venmo in 2021; they will also be available outside the United States, for countries selected by the payment giant.
November 2020, PayPal allows its US users to buy cryptoskills directly through the application. Trading is limited to 20,000 USD per week.
PayPal intends to « double » its investment in cryptoskills by 2021. The company is also working with regulators and central banks – CBDCs of course – to create a future cashless world.
PayPal: a double game BTC – CBDC
PayPal had announced the launch of its cryptos services in October 2020. The announcement was enough to start Bitcoin’s bull rally (BTC), which reached an ATH of USD 42,000 in January 2021.
Cryptophiles hope that PayPal will boost the adoption rate of cryptos in 2021. However, the company is also working in favour of the CBDCs; those most hostile to these central bank trojans, which are only cryptos in name, regret this involvement of the payment giant in digital fiduciary currency projects.
The giants of electronic payment have decided to take the crypto turn – Visa, PayPal, Skrill, etc. – and to use it for their own purposes. – despite regulatory authorities hostile to crypto-currency. The CEO of FTX was the 2nd largest donor to Joe Biden’s presidential campaign, but will his administration support Bitcoin and its cadets through legislation? PayPal is playing on two fronts at the moment: cryptos and CBDCs. An untenable balancing act in the long term?
Litecoin, welcome in the Silver Age