Dan Schulman, the President and CEO of PayPal, has said that the demand for the company’s cryptocurrency offering has significantly exceeded the company’s expectations. He even predicts a sharp decline in the use of cash amid the pandemic situation and digital currencies should take advantage of the situation.
PayPal’s Demand on the Crypto Side Is Beyond Expectations: Schulman
In an April 25 interview with TIME Magazine, the CEO of the online payments company PayPal, Dan Schulman, has revealed that the demand for the company’s cryptocurrency offering has surpassed beyond the company’s expectations:
“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.”
In October 2020, PayPal allowed its users to buy, hold and sell cryptocurrency. Since then the company has seen a significant increase in transactions related to cryptocurrencies in the past few months.
Meanwhile, in March 2021, the online payments company introduced its cryptocurrency checkout service to allow U.S.-based consumers to pay merchants through crypto-assets.
The payment behemoth PayPal is further planning to expand its crypto services globally in the coming months.
Significant Changes to Come in the Financial System
Schulman predicted that significant changes will occur within the next ten years in the financial system, which he believes is currently inefficient:
“If you cash a check, it can take three days for you to get your money. If you do an international remittance, it can take seven days to get your money.”
Schulman further revealed in his interview that the online payment service has been watching the cryptocurrency space for six years. However, PayPal waited for the crypto space to gain more mainstream adoption before offering its own product:
“And it was still a little bit too much of people not really understanding what they were going to get into, and what we really wanted to do is make sure that it became a little more mainstream so that we would work hand in hand with regulators before we put anything out into the market.”
Last week, PayPal’s subsidiary Venmo announced support for various cryptocurrencies including Bitcoin and Ethereum.