The demand for crypto assets exceeded PayPal’ primary expectations after the firm launched cryptocurrency trading earlier last year, consistent with the company’s CEO.
“Demand on the crypto side has been multiple-fold to what we initially expected. There’s tons of pleasure,” PayPal president and CEO Dan Schulman outlined within a Sunday interview with Time magazine.
Schulman outlined that existing financial infrastructure needs modernization because it’s “inefficient today” due to overly expensive, slow international transactions. The CEO predicted that the economic system is poised to ascertain more changes within the next 5 to 10 years than it’s experienced over the past 20 years.
“10 years from now, you’ll see an incredible decline within the use of money. All form factors of payment will collapse into the mobile. Credit cards as a form factor will get away, and you’ll use your phone because a phone can add far more value than simply tapping your MasterCard,” he explained.
Schulman outlined that central banks will need to rethink their monetary policies as people stop employing traditional money. The chief said that CBDC [Central Bank Digital Currencies] may benefit from emerging technologies like DLT. “But they’re basically digitizing a fiat currency just like the USD,” Schulman explained.
PayPal revealed its plans to introduce the power to shop for, hold and sell a variety of crypto assets along with Bitcoin [BTC] and Ethereum [ETH] earlier in October last year. By the time the new feature went live within the U.S. in mid-November last year, Bitcoin was trading at around $16k. The world’s largest cryptocurrency subsequently saw a huge rally, driving its price to a new historic record above $64k in April.
Amid growing prices and demand for crypto assets, PayPal has continued to expand its crypto-related services to clients, launching its crypto check-out service in late March to permit digital payments for merchants. Last week, PayPal-owned payments platform Venmo introduced cryptocurrency trading for 4 major coins along with BTC, ETH, LTC as well as BCH.