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PayPal CEO, Dan Schulman said he is optimistic about the online payments company’s crypto business reaching $200 million in volume within months. In addition to crypto payments, Schulman shared that PayPal will eventually leverage smart contracts and other underlying technologies to ensure that a payment is more than just a transaction.
‘Crypto Service Could Soon Reach $200M Volume Transaction’ PayPal CEO
The CEO of PayPal, Dan Schulman joined the “2021 Blockchain 50 Symposium: Crypto Goes Corporate” an online event that took place on April 13. The event shed light on the future of Bitcoin for large corporations.
Speaking to the assistant director at Forbes, Michael del Castillo, Schulman noted that the current financial system lacks the innovation and inclusion that digital assets could provide.
Today’s financial system is relatively inefficient, mentioning that it takes too long to receive money, which is even more challenging for lower-income individuals, saying it’s not inclusive at all, according to Schulman.
He added that PayPal’s cryptocurrency service could soon reach a $200 million volume transaction in “only a matter of months.” However, del Castillo noted that it could take the payment company much longer than just a few months, citing that Coinbase took 13 months to generate 200 million in volume.
Moving Into the Era of Digital Currencies and Crypto Business
The financial system will definitely undergo more changes over the next five years compared to the progress that has been made in the previous 30 years, according to Schulman.
The CEO of PayPal further noted that we are moving into the era of digital currencies:
“We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies. I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive.”
PayPal’s cryptocurrency service went live in the U.S. last year in November that allowed users to buy and sell cryptocurrencies directly from their accounts. By the end of last month, the payment giant announced that the platform would soon allow its merchants to accept cryptocurrency as a medium of exchange.