PayPal’s cryptocurrency service is going to expand rapidly in 2021, executives said on the payments giant’s third-quarter earnings call Monday evening.
That includes crypto services coming to Venmo and international customers in the first half of 2021, PayPal CEO Dan Schulman said.
Currently, only 10% of customers in the U.S. have access to the new crypto service with the rest of the U.S. gaining access to the tools in the next two to three weeks, Schulman said. PayPal saw enough interest following its Oct. 21 announcement that the firm has increased weekly crypto purchase limits from $10,000 to $15,000.
Schulman went on to predict there would be greater opportunities for PayPal in an economy that embraces digital identity and fully digital payments and financial services.
When talking about central banks creating retail-facing digital currencies, Schulman added that PayPal is looking to create “the most expansive and compelling digital wallet in the world.”
The payments giant reported an increase of 36% in new payments volume to $247 billion in Q3 2020. The company’s number of merchants grew by 1.5 million to 28 million. PayPal now has 361 million active accounts, a 22% increase quarter over quarter.
This is a developing story.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.