This release represents a great exposure of cryptocurrencies to millions of users since PayPal has a total of 392 million active users, 29 million active users who are merchants, more than 1.6 million web pages use its services, and also 22% of all online transactions are made with PayPal. In the particular case of the United Kingdom, there are 300,000 users who use the payment company’s service on a daily basis.
The company founded by Elon Musk is a giant of digital payments, but due to its global growth it could also be considered a digital bank or a financial services and data company. PayPal should have no problem supporting cryptocurrencies as it currently works with more than 100 currencies.
Dan Schulman, CEO of PayPal, is a true believer that digital currencies in their various formats will dominate the financial markets and therefore thinks that “The time has come for the adoption of crypto payments.” At the end of 2020, PayPal announced the launch of its crypto service in the United States and since then it has been very successful due to its high volume.
At that time, the price of Bitcoin was in continuous ascent and according to Pantera Capital, one of its causes was due to the purchase in large quantities of PayPal thus causing a shortage of Bitcoin, by buying 70% of the newly mined Bitcoin. Since then the company has expanded its services to Venmo as well as made strategic investments in blockchain equity funds.
The result is that PayPal is making huge profits thanks to its entry into the crypto market. This will benefit PayPal as well as Bitcoin and the other cryptocurrencies.