In a new interview with the Paypal CEO on CNBC the executive said that his company is planning to bolster the utility of crypto. Paypal will allow their network of 28 million merchants worldwide to accept digital form of payment, and crypto will be hugely and largely welcomed by this business.
The company will give users from all over the world, starting from 2021 the ability to buy, Hodl or spend cryptocurrency in more than 210 locations from their 300 million active customers. It's clear that the use of digital payments increased s lot this days mostly due to the pandemic season caused by COVID-19, and somehow managed to cut in 40%-70% the usage of paper money in many countries all over the world.
As announced early in October the company will start offering support for Bitcoin, Bitcoin Cash, Ethereum and Litecoin starting from 2021.
The giant fintech have been buying Bitcoin, and accordingly to cointelegraph, bought almost 70% of all new mined Bitcoin in circulation, increasing the price of the asset on the market and becoming a great store of value for companies such MicroStrategy and Cash app who also invested a lot in the crypto ecosystem and already making large profits from.
With the new interview from the CEO of Paypal is clear that the company have great plans to 2021, when the service will be worldwide adopted. To note that the service is already running on the US after the company announced officially that is entering to crypto.
All legal description of Paypal entering to crypto will be handled by Paxos Brokerage who have the rights to deal with crypto on US. Paypal have been also said that will offer support for CBDCs, the Central bank digital currency which many governments are building using the blockchain technology.
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