PayPal’s cryptocurrency products are going to expand rapidly in 2021, executives said on the payments giant’s third-quarter earnings call Monday evening.
That includes crypto products coming to Venmo and international customers in the first half of 2021, PayPal CEO Dan Schulman said.
When talking about central banks creating retail-facing digital currencies, Schulman added that PayPal is 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 buy, hold 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 in Q3 2020.
This is a developing story.