Connect with us

Bitcoin News

PayPal CEO Discusses ‘Expansive’ Digital Wallet Plans on Q3 Earnings Call

Published

on

PayPal’s cryptocurrency products are going to expand rapidly in 2021, executives said on the payments giant’s third-quarter earnings call Monday evening.

When talking about central banks creating retail-facing digital currencies, PayPal CEO Dan Schulman said the company was looking to create “the most expansive and compelling digital wallet in the world.” 

Schulman went on to predict there would be opportunities for PayPal in a digital economy that embraces digital identity, and fully digital payments and financial services. 

In October, PayPal confirmed what CoinDesk had reported in June: It was adding features for users to be able to hold, buy and sell cryptocurrencies. 

Bitcoin saw a 15% increase in price in response to the news but PayPal’s stock price has trended downward by 12% since the Oct. 21 announcement.

The payments giant reported an increase of 36% in new payments volume to $247 billion.

PayPal’s Q3 earnings report had only the slightest mention of cryptocurrency, briefly recapping its crypto announcement in the “business updates” section.

This is a developing story.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report