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PayPal Invests in New Cryptocurrency Division

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PayPal Invests

PayPal Invests in New Cryptocurrency Division

PayPal CEO Daniel Schulman spoke about plans to launch a new division for working with cryptocurrencies. Reported by The Block.

PayPal Invests

“We all know that the current financial system is outdated. We can envision a future in which transactions are completed in seconds, not days; a future in which transactions will be cheaper and all people will be included in the digital economy. We are making significant investments in our new Crypto, Blockchain, and Digital Currency business unit to help shape this more inclusive future, ” – Schulman said during an online conference.

Schulman also said PayPal is “pleased to build on the early success of its cryptocurrency service.” “We hope to launch our first international market in the next few months,” he said. The integration of cryptocurrencies into Venmo is expected “in the coming months”.

Schulman described such moves as “the early stages of a broader roadmap for cryptocurrencies, blockchain, and digital currencies.” He also noted that “everyone who uses the cryptocurrency service opens the application twice as often as before.”

PayPal officially announced its crypto service last October by partnering with cryptocurrency company Paxos.

At the time, Schulman said:

“This is just the beginning of the opportunities we see. We are working with regulators to adopt new forms of digital currencies.”

He admitted that PayPal could integrate central bank digital currencies (CBDCs) if they become popular in the future.

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