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Here’s When Bitcoin Will Become Available for All PayPal Users

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Tue, 11/03/2020 - 06:29
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Alex Dovbnya
The demand for PayPal's crypto offering has greatly exceeded expectations
Here’s When Bitcoin Will Become Available for All PayPal Users
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During his Q3 earnings conference call, PayPal CEO Dan Schulman has revealed that its recently launched cryptocurrency service would become available for all U.S. users by December.

Presently, only 10 percent of the company’s American customers are able to purchase and store cryptocurrency.

When it comes to international users, PayPal plans to expand its service globally next year. 

Scaling up 

PayPal finally announced support for Bitcoin and three altcoins on Oct. 21 after months of speculation.    

Despite mixed reception, this served as a catalyst for a massive rally that ended up pushing the world’s largest cryptocurrency to its multi-year high of $14,100 on Oct. 31.    

Schulman touted the success of his company’s new offering, claiming that their waiting list has two or three times exceeded their initial expectations.    

Due to great demand, PayPal has increased its weekly purchase limit for cryptocurrencies to $15,000.

In the first half of 2021, the payments behemoth will allow shopping at its 28 mln supported merchants. 

On top of that, it will also bring crypto services to the Venmo app.  

Related
Nouriel Roubini Slams PayPal for Bringing "Crypto Gambling" to Its Customers

Broader ambitions

Schulman also couldn't ignore the rise of central bank digital currencies (CBDCs) for the retail sector:

“CBDCs are a matter of when and how they're done, not if.”

He adds that the company has enough capabilities to create “the most compelling” digital wallet”: 

“Our platform, with its digital wallets and the scale we have right now, can help shape the utility of those digital  currencies.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.