PayPal has started the shift to make Bitcoin and crypto a more versatile payment option for the global marketplce. The CEO of PayPal Dan Schulman announced that consumers can begin to buy, sell, and store Bitcoin as well as other cryptocurrencies in 2021. The services will also enable customers to exchange their crypto into fiat or any preferred option in real-time.
In an interview with CNBC, Schulman said,
“Early next year we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 billion of our merchants. That will significantly bolster the usage of cryptocurrencies.”
The jump of PayPal into the crypto payment market may be a threat for existing longstanding leading service providers in the sector like BitPay. BitPay’s CEO Stephen Pair, however, saw a chance of collaborating with PayPal, even in fact they’re competitors. Pair stated, “We’re competitors, but there are also opportunities for BitPay to partner with PayPal.”
PayPal currently processes five million transactions daily, a huge number compared to 100,000 daily transactions on BitPay. But Pair believes the distance will be shortened as users start understanding the advantages of crypto.
“Paypal getting into this validates what we already knew for the past ten years. It just shows that cryptocurrency or blockchain payment is going mainstream.”