{"id":235668,"date":"2021-04-26T15:43:13","date_gmt":"2021-04-26T12:43:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/demand-for-paypals-crypto-offering-exceeded-all-expectations-ceo-says\/"},"modified":"2021-04-26T15:43:13","modified_gmt":"2021-04-26T12:43:13","slug":"demand-for-paypals-crypto-offering-exceeded-all-expectations-ceo-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/demand-for-paypals-crypto-offering-exceeded-all-expectations-ceo-says\/","title":{"rendered":"# Demand for PayPal\u2019s crypto offering exceeded all expectations, CEO says"},"content":{"rendered":"

“# Demand for PayPal\u2019s crypto offering exceeded all expectations, CEO says <\/strong>”
\n<\/p>\n

The demand for cryptocurrency exceeded PayPal\u2019s initial expectations after the firm launched crypto trading in late 2020, according to the company\u2019s CEO.<\/p>\n

\u201cDemand on the crypto side has been multiple-fold to what we initially expected. There\u2019s a lot of excitement,\u201d PayPal president and CEO Dan Schulman said in a Sunday interview with Time <\/em>magazine.<\/p>\n

Schulman said that existing financial infrastructure needs modernization because it\u2019s \u201cinefficient today\u201d due to overly expensive and slow international transactions. The CEO predicted that the financial system is poised to see more changes in the next five to 10 years than it has experienced over the past two decades.<\/p>\n

\u201cTen years from now, you will see a tremendous decline in the use of cash. All form factors of payment will collapse into the mobile phone. Credit cards as a form factor will go away, and you will use your phone because a phone can add much more value than just tapp<\/a>ing your credit card,\u201d he said.<\/p>\n

Schulman said that central banks will have to rethink their monetary policies as people stop using paper money. The exec said that central bank digital currencies could benefit from emerging technologies like distributed ledger technology<\/a>. \u201cBut they\u2019re basically digitizing a fiat currency like the U.S. dollar,\u201d Schulman noted.<\/p>\n

PayPal announced its plans to introduce the ability to buy, hold and sell a number of cryptocurrencies including Bitcoin (BTC) and Ether (ETH) in October 2020. By the time the new feature went live in the U.S. in mid-November, Bitcoin was trading<\/a> at around $16,000. The world\u2019s largest cryptocurrency subsequently saw a massive rally driving its price to a new historic record above $64,000 in April.<\/p>\n

Amid growing prices and demand for crypto, PayPal continued to expand its crypto services to clients, launching the crypto check out service in late March to allow crypto payments for merchants. Last week, PayPal-owned payments platform Venmo\u00a0introduced crypto trading for four major coins including BTC, ETH, Litecoin (LTC) and Bitcoin Cash (BCH).<\/p>\n