Demand for Cryptocurrency Offering Launched by PayPal has Exceeded All Expectations
Dan Schulman, the CEO at PayPal recently shared the results their platform has collected from the trading of cryptocurrencies. It was back in Q4 2020 when PayPal reportedly launched its cryptocurrency trading platform.
On Monday, April 26, Schulman has revealed to the entire PayPal and crypto-verse that the results have exceeded what they had expected when offering the services to the users.
He stated that the outcome of cryptocurrency investments they have observed can be counted in multiple folds. The cryptocurrency trading platform on PayPal has gained enormous adoption and more PayPal users are investing in it on a daily basis.
All teams at PayPal are excited over their recent achievement and are hoping to see even higher gains and adoptions in the coming days. Schulman also criticized the traditional finance infrastructure that the financial firms are providing all over the world.
He stated that the financial infrastructure offered by the traditional firms is outdated and needs to be modernized at the earliest. During the pandemic, the entire world has come to know the real value of fiat cash and digital currencies.
Therefore, the traditional financial firms have to move from sticking with the inefficient financial infrastructure and adopt the ones that are appreciated by the global community.
He added that ever since the beginning of the 21st century, the world has seen many improvements and new products being introduced in the traditional finance infrastructures.
However, it is no longer efficient for financial firms to keep adding upgrades and new products to an infrastructure that is now old and rusted. The year 2020 has marked a new era towards digitalization where people are trusting digital currencies more than traditional ones.
Schulman stated that the real advancements and developments are yet to take place in the modernized financial infrastructure. The world will start observing these changes and upgrades with the financial infrastructure in a matter of 5 to 10 years.
He also talked about the future of cash money stating that its years are now counted. The cash currency has already started losing ground in the global economy as people are growing more attracted to digital currencies.
It is just a matter of time that people find it convenient to process transactions online without having to visit an ATM or bank. The majority of the payment methods will soon be integrated into smartphones so the users will be able to take care of their needs using online payment firms.
It was back in October 2020 when PayPal had announced its cryptocurrency trading platform. At that time, the platform had reportedly launched Ethereum and Bitcoin for different cryptocurrency trading activities.
At that particular time, the price of BTC was at $16,000 and its listing on PayPal resulted in Bitcoin (BTC) prices shooting through the ceiling.