Paypal is introducing a new business unit devoted to cryptocurrency services, what was announced by Daniel Schulman, the company chief executive officer, this week.
Schulman said the current financial system is obsolete and that his company will be spending a lot of money into blockchain and digital currencies.
Schulman explained: ‘We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit to help shape this more inclusive future.’
The new crypto business division supposed to start later this quarter. Clients will be able to use crypto to pay for commodities and services at Paypal’s 29 million merchants worldwide.
It is also expecting to integrate crypto with Venmo later this year. Paypal revealed in late October that its customers – running more than 300 million active users – will now be able to purchase, hold and sell bitcoin (BTC) and other digital assets using their Paypal accounts. The decision caused BTC prices to rise suddenly at the time.