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PayPal Plans Bitcoin And Crypto Expansion In August | CryptoGazette - Cryptocurrency News


cryptogazette.com 30 July 2021 06:14, UTC
Reading time: ~2 m

PayPal is another giant that’s been boosting the mass adoption of Bitcoin and crypto through its moves.

Now, more news comes to fuel this statement.

The online publication the Daily Hodl just reported that the payment giant PayPal is preparing to expand its crypto offerings.

Just to refresh your memory, in April of this year, PayPal introduced crypto services on its mobile payment service Venmo – this enabled over 70 million additional users to buy and sell four cryptos including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

PayPal to expand crypto services in August

Recently, CEO Dan Schulman shared how Venmo has fueled PayPal’s explosive Q2 growth and how he expects crypto adoption to continue growing on Venmo.

“Revenue growth accelerated to almost 70% in Q2, our highest growth rate in the past year, fueled by Venmo’s product diversification strategy. More than 500,000 customers have established new business profiles on Venmo with more than 300,000 created in Q2 alone,” he said.

He continued and said the following as cited by the same online publication mentioned above:

“Pay with Venmo revenues grew by 183% year-over-year. We’re also seeing strong adoption and trading of crypto on Venmo and this quarter we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services and receive buyer and seller protections for commerce transactions. This has been a very successful feature on PayPal’s P2P (peer-to-peer) services and we expect it will be widely adopted on Venmo.”

Venmo introduced support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash earlier this year.

Schulman was also asked about the company’s plans to engage with crypto and he said that he’s exploring the company’s crypto features and the possibility of expanding them in August.

Check out the video above in order to learn more about what he had to say about all this and more.

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