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Cryptocurrency in the mainstream, bitcoin and digital gold same? 'Said PayPal CEO

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INDIA

Dec, 18 2020

Dec, 18 2020

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PayPal has announced to its users that in October it will allow buying and selling of cryptocurrencies.


Square, Fidelity, SoFi are major fintech companies that heavily invest in the crypto market. Because of Blockchain technology safe investors believe in investing in cryptocurrencies over a long period of time.


Dan Schulman, CEO of PayPal seeing the chaos of the COVID-19 pandemic, increasing the adoption of cryptocurrencies at a rapid pace.


Schulman, CEO of PayPal addressed the optimistic future for cryptocurrencies in front of a digital audience is that I think that if you can make a financial system, a new technology that is quick, that is economical, more efficient, that's good for bringing more people into the system, for inclusion, to help lower costs, to help drive financial health for so many people. So, in the long term, I'm very bullish on digital currencies of all kinds.


The latest fintech company PayPal is moving to the mainstream space. According to the announcement PayPal made to its users that the users will soon be able to sell and buy and hold cryptocurrencies, using PayPal's Cash and cash plus account.


The payment company Square traded $50k in bitcoin and a bitcoin fund will be opened in which eligible buyers can invest (investment at least $100,000). The prices of bitcoin soared and peaked over $19000.


At the web summit CEO of PayPal, Schulman said that The entire world is going to come digital-first and moreover added PayPal's services already go hand-in-hand with cryptocurrencies. Next, he stated that as we thought about it, digital wallets are a natural complement to digital currencies. They have got over 360 million digital wallets and even need to embrace cryptocurrencies.


Vice president global partnerships at the cryptocurrency payments processor company UTRUST payments processor company, Sanja Kon said that the adoption of digital payments is increasing.


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