Digital payments giant PayPal did not disclose its widely expected cryptocurrency service during a recent earnings call, Fortune reported.
However, PayPal Chief Financial Officer John Rainey mentioned that they had "other financial services" pending that he chose not to be granular with.
PayPal's foray into crypto
According to reported by Crypto report, rumors about PayPal and Venmo interacting with Bitcoin and other cryptocurrencies in the third quarter began to circulate in late June.
Earlier this month, the PayPal letter to the European Commission, in which the $ 225 billion company mentioned developing cryptocurrency capabilities, confirmed its plans:
As such, PayPal continually monitors and evaluates global developments in the cryptocurrency and distributed blockchain / ledger space. Of particular interest to us is how these technologies and crypto assets can be used to achieve greater financial inclusion and help reduce / eliminate some of the weaknesses that exist today in financial services. ”
To top it off, PayPal also recently offered new job openings for crypto and blockchain engineers.
It is unclear what type of crypto offering the company will implement, as the company declined to comment on the overwhelming speculation.
However, the service is rumored to be opening floodgates to retail investors who have been on the sidelines since the last crypto bubble in 2017. Together, Venmo and PayPal boast a whopping 366 million users.
<img xmlns = "http://www.w3.org/2000/svg" class = "i-amphtml-intrinsic-sizer" style = "box-sizing: border-box; border-style: none; max-width : 100%; display: block; " role = "presentation" src = "https://criptoinforme.com/data:;base64,”Alt =” ”aria-hidden =” true ”/>
The death of cash
In the second quarter, despite the crippling global crisis, PayPal managed a stock market of $ 5.26 billion, marking its most profitable quarter to date.
Its CEO, Daniel Schulman, proclaimed the cash is "dead" as consumers no longer want to touch it, literally.
"Consumers no longer want to handle cash or any form of payment that requires physical contact when paying."
During his November interview With Fortune, Schulman revealed that Bitcoin was the only cryptocurrency he owned.