PayPal to launch crypto services for global use in early 2021, CBDCs underway

Global payment giant PayPal continues to take the spotlight as the firm’s senior executive disclosed further details on its strategy to make an aggressive step into the crypto industry in early 2021, with CBDC development underway. “CBDCs (...) are a matter of when and how they’re done, and not if,” PayPal CEO Dan Shulman commented, saying the experiment will, “help shape the utility of (CBDCs),” in interoperability enhancement and adoption growth among merchants. With rising demand for crypto investments, PayPal announced a higher weekly crypto purchase limit, moving the cap from $10,000 to $15,000. The firm also plans to develop its virtual currency services on an international scale, along with the launch of its Venmo app early next year.

Why it matters: The adoption of crypto by PayPal will almost certainly drive demand for the major tokens. Until now, the purchase of cryptos hasn't been especially easy, and many people simply don't understand how to use decentralized currency. As one of the world's most popular payments platforms, PayPal will do loads to expand the use of cryptocurrencies. While it may not be 100% decentralized, people will probably feel much safer buying token via PayPal. Some questions remain on how custody of the tokens will work, and if people will be able to withdraw the tokens from PayPal. Regardless, PayPal may becomes one of the largest holders of tokens in the world, as people shift away from fiat currencies.

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