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.
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.
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