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PayPal’s CEO has noted an increased demand for cryptocurrencies. The CEO also pointed out a decreased use of cash as a means of payment.
Dan Schulman, the CEO of PayPal, has stated that the increased demand for cryptocurrencies has surpassed what the company had expected. Schulman gave these views during an interview with TIME Magazine on April 25.
Schulman also noted the use of cash had reduced, and this was attributed to the growing adoption of Bitcoin and other cryptocurrencies. PayPal had earlier announced its integration of cryptocurrencies as a means of payment. Since the integration, the platform noted that transactions related to cryptocurrencies had increased in recent months.
Demand surpassed expectations
During the interview, Schulman also noted that the demand for crypto assets had increased multiple times than they had expected. He added that PayPal had been looking into cryptocurrencies for six years. During this period, the CEO considered digital currencies to be assets, not currencies, hence delaying early adoption.
Last month, PayPal launched a crypto checkout service that enabled US consumers to make payments using cryptocurrencies.
Today, we are announcing the launch of Checkout with Crypto, a new way for PayPal customers to check out with #Cryptocurrency to pay for select online purchases. https://t.co/RbOe8aLtlz pic.twitter.com/zGWHgbwVlU
— PayPal (@PayPal) March 30, 2021
The firm is also looking towards expanding its crypto checkout service globally in a few months. A subsidiary of PayPal, Venmo, also stated they would start supporting various cryptocurrencies, including Ethereum and Bitcoin.
Growing adoption of cryptocurrencies
The adoption of cryptocurrencies has taken place across various industries. Besides PayPal, other payment firms such as Visa also announced an innovation that will enable their users to gain exposure to the crypto market.
TIME Magazine also partnered with Grayscale, a global leader in crypto asset management. In this partnership, the magazine stated they would accept payment from Grayscale in the form of Bitcoin. Besides, the magazine also stated that they would include Bitcoin in their balance sheet for the first time.
The other institution that has also adopted cryptocurrencies is WeWork. WeWork is one of the leading work markets that stated they would start accepting Bitcoin, Ethereum, and other cryptocurrencies.
The crypto market has been increasing in recent months, and this year has been especially promising for the market. According to a recent report, the inflows for this market grew by 233 million, and for the first time last week, the total value of global assets under management by the firm reached $64 billion.
Even though the crypto market has not been doing well for the past week, the market capitalization has recently reached around $1.97 trillion. This figure is 7% higher than what was reported in the past 24 hours.