PayPal will strengthen its cryptographic operations with a « significant investment »

PayPal will strengthen its cryptographic operations with a "significant investment"

PayPal’s decision to move to cryptosystems triggered the price spike seen in the markets last year. Bitcoin’s (BTC) prices against the US dollar are now rising steadily after Paypal’s new announcements: the company said it would « significantly invest » in a « new crypto, blockchain and digital currency business unit » that it believes will « help shape a more inclusive future ».

The company’s CEO, Dan Schulman, did not give details of the figures, but told investors in a briefing that « the volume of crypto-assets traded » on the PayPal platform had « far exceeded our expectations ».

The company, which currently offers its cryptographic capabilities only in the United States, recorded record figures of more than $6 billion in revenue and $277 billion in payment volume in the previous quarter of fiscal year 2020. However, it has not provided any details on the market share of its crypto business to date.

Mr. Schulman noted that the current financial system is « archaic » and was enthusiastic about these activities, indicating that customers in this sector are more likely to return to take advantage of these new services.

In a statement to investors, the company wrote :

Customers who buy cryptomoney have been logging on to PayPal at twice the rate they were logged on before buying cryptomoney.

The company also noted that in 2021, it would seek to expand its plans to allow « cryptomoney to be used as a source of funding to pay PayPal’s approximately 29 million merchants worldwide.

It also added that it plans to extend the corresponding functionalities by further developing its Venmo mobile payment service (already mentioned last November) and « certain international markets » in the first half of 2021.

PayPal customers can buy, sell and (almost) hold Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH) and Litecoin (LTC) in their PayPal portfolio.

As indicated, Bitcoin could make the online payments giant the center of its customers’ financial lives as BTC will help drive engagement on the platform and increase PayPal’s revenues, said Dan Dolev of Mizuho Securities in December.

To buy cryptomoney; SEPA Zone Europe and French citizens:

To buy cryptos in Canada:

To buy cryptos by credit card: To buy cryptos by credit card:

To open a Bitcoin savings plan, go to the regulated platform StackinSat.

To secure or store your cryptomoney:

To invest in mining or masternodes:

To trade your cryptos anonymously:

To earn interest on your Bitcoins:

To accumulate cryptos through gambling:

If you want to learn more about Bitcoin and investing in cryptos, here are two perfect books: « Understanding Bitcoin in 2 hours » and « Investing in Bitcoin ».

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PayPal will strengthen its cryptographic operations with a « significant investment »
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