PayPal CEO Dan Schulman has announced the launch of the cryptocurrency payment service at the end of the first quarter of 2021, with all existing cryptographic functions (buy, sell and store) to be rolled out outside the US in the next few months.
He said this during the fourth quarter 2020 earnings call held on Wednesday, during which he said:
“We saw exceptional response from our crypto launch. Even with high initial expectations, the volume of cryptocurrencies traded on our platform far exceeded our projections. We are excited to build on this early success by allowing clients to use their crypto balance as a source of funding every time they shop at our 29 million merchants. We anticipate that the deployment of that capacity will begin at the end of this quarter and we expect to launch our first international market in the coming months. These initial steps are just the beginning of an extensive roadmap around cryptocurrencies, Blockchain, and digital currencies. We are already working with central bank regulators to reinvent and shape the next generation of the financial system, as consumers no longer want to handle cash. "
These functions will also be extended to the application Venmo.
It also revealed that users who use PayPal for cryptocurrencies are opening their PayPal app twice as much as they were previously.
At this time, these functions are only available for US users., and include the ability to buy, store and sell cryptocurrencies.
Payments with cryptocurrencies will arrive PayPal before March
But by the end of March, a functionality will be added that will allow users who own cryptocurrencies in PayPal to also use them for make common payments in fiat currency.
In fact, PayPal does not allow tokens to be sent directly from its application to a public address on the blockchain, but it will allow tokens held by users to be used to finance normal payments in fiat currency thanks to an immediate conversion and automatic.
In other words, instead of drawing funds from your fiat currency balance, a credit or debit card or a bank account, they will also be able to withdraw funds from your cryptocurrency balances when you send someone fiat currency.
Additionally, all of these features will also be enabled for users outside of the US in the coming months, although Schulman did not reveal when.