PayPal’s recent press release that its users will soon buy and sell digital currencies in a service set to launch in early 2021 is the new mouth of all.
According to the firm, “its goal is to boost consumer understanding and usage of cryptocurrencies” like Bitcoin, Litecoin and Ether.”
Cryptocurrency is still a strange topic among consumers. A poll by Statista shows Bitcoin adoption in developed economies still pegs below 10 percent. Denmark, Sweden, and Japan have the least users.
In the meantime, some studies are optimistic that digital currency adoption will snowball to 90 percent in the United States by 2030.
“The switch to digital currencies is inevitable and carries multiple benefits as regards to financial access and inclusivity; convenience, speed and flexibility in payments; and easy disbursement of government funds to people,” says PayPal’s Boss & Chief executive, Dan Schulman.
PayPal plans to kick off the new launch for users with digital currencies like Bitcoin, Ether, Litecoin, and Bitcoin Cash. Thanks to the New York State Department of Finance, the world-known payment firm received a first-ever conditional BitLicense- a permit needed to run a digital currency service in New York.
PayPal is also working with US-based stablecoin controller Paxos to ensure users enjoy this service.
This crypto-related rollout has brought hope to the digital currency world. Some experts have huge expectations considering that PayPal had signed over 340 million users in 2020’s Q2— a number that has since grown to 360 million per Q3 findings.
Cointelegraph interviewed crypto & blockchain gurus on what PayPal’s latest service will mean to digital currency usage levels.
Here’s what they said;
Cristina Dolan, Creator, and CEO of InsideChains
“This move will help boost crypto usage for payments and value transfer by providing a simple and integrated remedy for the 340 million signed PayPal users. The most challenging part in crypto payments is shifting between blockchain networks and transferring cash or making payments through keypairs. Eliminating this friction at the point of transaction will make crypto more straightforward and less intimidating for consumers. We’re looking at potential big-time growth because PayPal is a global payments expert, and adding crypto may attract a whole new group of customers.”
Dominik Schiener, co-creator of IOTA Foundation:
“While the merchant end of these payments is unchanged, PayPal’s crypto integration has shifted adoption decisions to the consumer’s end. Including crypto in its list of offerings promises a future where both transaction ends are crypto-based, impacting usage levels significantly. As payment avenues adopt crypto, awareness will increase, and people will embrace IoT technology’s interconnectedness. Soon, crypto will be part of our daily lives.
Crypto has long been marginalized, yet its advantages are far-reaching. PayPal is a popular payment provider, and integrating digital currency will undoubtedly increase customer understanding and awareness. Whether PayPal will clear the hurdles of GRC and other internal regulatory protocols is another story, however.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, best crypto integration solution in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.