Paypal has been doing a lot with respect to cryptocurrencies in recent months. Recent reports show that it will allow users to transfer digital assets to third-party wallets. This indicates that PayPal and Venmo users can not only send bitcoins to users on the platform, they can also withdraw them to platforms such as Coinbase and external cryptocurrency wallets.
However, PayPal has not yet revealed when it will open the encrypted extraction function. PayPal’s embrace of encryption seems to have links to a future strategy. It believes that over time, digital asset use cases have grown rapidly. Jose Fernandez da Ponte, head of blockchain and encryption at PayPal, said… “We want to make it as open as possible, and we want to give our consumers the choice to pay in any way they want to pay”. There is a rumor that PayPal Plans to launch its own stablecoin, but Ponte stated that “it is still too early.”
In addition, he also stated that it is reasonable for central banks to issue their own tokens. However, he does not accept the general view that only one stablecoin or CBDC will dominate.
Earlier this month, CEO Shulman also said that PayPal’s encryption business has brought significant profits to the company. The company’s performance in the first quarter was better than expected, with adjusted earnings of $1.22 billion. This exceeds the average analyst estimate of $1.01 billion. The company said that customers who purchase cryptocurrencies through the platform login to PayPal twice as often as before.
Paypal crypto checkout service – boosts the use of digital currencies
About two months ago, PayPal officially unveiled a crypto checkout service which allow users to check out using cryptocurrency holdings. The company has been working on the service for about a year. According to PayPal, this service will keep rolling out until all its users can use the service. The aim of this service is to allow users to seamlessly use cryptocurrencies while making payments. Basically, you’ll be using crypto just like the way you use credit or debit cards on the platform.
The interesting part of this services is that PayPal will not charge any transaction fees for using the crypto checkout service. However, you can not use multiple coins for a single purchase. This means that only one type of coin can be used for each purchase. To recall, PayPal introduced the ability to store, buy and sell cryptocurrencies to its digital solution.