It’s PayPal’s earnings day, and the company has released new details about its cryptocurrency plans.
These plans include a new business unit dedicated to PayPal’s encryption ambitions, according to CEO Daniel Schulman, who spoke during PayPal’s earnings conference call on Wednesday.
As he noted:
“We all know that the current financial system is outdated and we can imagine a future in which transactions are completed in seconds, not days; a future in which transactions must be less expensive to complete; and a future that allows all transactions to be completed. people are part of the digital economy, not just the rich. We are investing significantly in our new crypto, blockchain and digital currencies business unit to help shape this more inclusive future. “
A source with knowledge of the plans described the business unit plan as PayPal “betting everything” on such services.
Schulman also said that PayPal is “excited about this initial success, allowing customers to use their crypto balance as a source of finance whenever they shop with our 29 million merchants.”
“We anticipate that the implementation of this capacity will begin at the end of this quarter and we expect to launch our first international market in the coming months,” he explained. An integration of Venmo with encryption is expected “in the coming months”.
Schulman described these steps as “just the beginning of an extensive roadmap around cryptography, blockchain and digital currencies”.
Among other factoids: according to Schulman, “everyone who signed up for cryptography is opening their app twice as much as before.”
PayPal made its cryptographic services official last October with the launch of a partnership with the startup of the Paxos sector, as reported at the time. The services officially went live in the days following the announcement, opening them to qualified US-based users on November 12.
The payments giant gave a bullish tone at the time, with Schulman observing at the time: “This is just the beginning of the opportunities we see as we work side by side with regulators to accept new forms of digital currencies.” He also suggested that PayPal may one day integrate central bank digital currencies if they gain strength in the future.
Ryan Todd, Frank Chaparro and Aislinn Keely contributed to the report.
This story is developing and will be updated as more information becomes available.
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