While PayPal’s interest in cryptocurrencies is no longer in doubt, the company’s vice president reiterated its desire to provide the most comprehensive offering to its users by encompassing all crypto and blockchain-related services.
PayPal wants to continue developing crypto-related services
The global online payment giant is working intensely to develop all possible digital services, including those related to cryptocurrencies as well as central bank digital currencies (CBDs), confirmed the company’s vice president Richard Nash. This statement was made to the US media outlet Cointelegraph at the World Economic Forum.
After launching payments in Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) in the United States, PayPal wants to expand its offering related to digital currencies, says Richard Nash :
“We’re looking to work with others to encompass everything we can, whether it’s the coins we have today in PayPal digital wallets, private digital currencies or MNBCs in the future.”
PayPal seeks to provide the most comprehensive service to its users. During the statement, the PayPal vice president hinted at owning cryptocurrencies when asked if he had any:
“I have a lot of things I work on at PayPal and I like to experiment with services myself, so I think it’s natural.”
This seems consistent with his ambition in the cryptocurrency world.
PayPal’s crypto services are a success
PayPal is one of the world’s largest payment companies, which has ventured into cryptocurrency and blockchain in recent years. It has over 420 million users. And that represents a gold mine for the company’s growth. Its revenue increased by 19% in the second quarter of 2021 compared to the same quarter in 2020.
One reason for this increase is PayPal’s owned payment app Venmo. After introducing cryptocurrency payments in April 2021, the app’s transaction volume increased by 58% between 2020 and 2021.
Last year, PayPal announced the launch of its own checkout service to enable crypto payments for merchants. Earlier this year, the company confirmed the development of its own stablecoin named PayPal Coin.
No doubt the company wants to become a reference in the field and given its efforts, it is well on its way to becoming a model for other companies.