- PayPal’s executives recently came out with some extra details regarding their plan to add support for crypto.
- According to the company, support will arrive in 2021, and it will also include support for CBDC.
- PayPal believes that traditional financial systems do not work for most people, and that crypto can help.
Online payments giant, PayPal, recently made quite a commotion in the crypto industry when it announced plans to add support for Bitcoin and a few other coins. Now, its senior executives revealed some additional details regarding the company’s crypto plans.
PayPal to add support for CBDCs, as well
According to the company’s officials, PayPal plans to push into the crypto sector rather aggressively in 2021, with plans to also introduce support for CBDCs. The company’s CEO, Dan Shulman, noted that it is clear that the world is rapidly moving from physical towards digital.
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He also cited various discussions with regulators, central banks, but also leaders of the crypto industry itself, concluding that there is no question that cryptos are rising in importance. Their functionality is increasing, as well, and so is their prominence.
He then noted that the company aims to help shape the utility of CBDCs, believing that it is not a matter of if they will arrive, but when it might happen. Shulman added that PayPal aims to use its prominence and scale to facilitate the interoperability of CBDCs with the existing payment rails.
PayPal can help push the adoption of crypto among merchants
Not only that, but PayPal also finds itself in a unique situation to help CBDCs and crypto become more accepted among various merchants that already use the payment giant’s services. Right now, around 28 million vendors are supported by PayPal’s service, and once the company adds support for crypto, they will all have the ability to easily accept digital coins, if they decide to do so.
Shulman also added that traditional financial systems are simply not working for most regular people, which is why PayPal is now working on becoming more efficient, less expensive, significantly faster, and available to more people than ever.
Lastly, PayPal’s executives stressed that demand for crypto is massive among its customers already, and that it constantly continues to grow.
