PayPal established a specialized crypto and blockchain business division earlier in 2021 to assist its entry into cryptocurrencies sector. The division started functioning in October 2020 by facilitating the US based customer to trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The business widened its product offering in March 2021 by enabling the US consumers to pay for products and services utilizing their crypto holdings. PayPal stated two months later that users will be able to withdraw their bitcoins to third-party wallets.
PayPal’s CEO, Dan Schulman, stated in April that the company’s crypto operations have outperformed projections during its initial six months of existence. The fast adoption of cryptocurrencies like Bitcoin and Ether was accompanied by a significant price increase that propelled the total cryptocurrency market to a worth of almost $2.6 trillion.
Crypto markets look to have hit a nadir and are currently trending higher again, after a steep correction in May and July. Last week, Schulman, during PayPal’s quarterly earnings call, stated that the company’s cryptocurrency trading platform will be accessible by the UK customers in the near future. Updates to enable speedier payment processing are also in the works, according to him.