Demand for Cryptocurrency Assets Is Surging, Says PayPal CEO

Dan Schulman, President and CEO of PayPal, said that the demand for cryptocurrency assets has surpassed the company’s expectations.

During the latest interview with TIME Magazine, Schulman predicted a sharp decline in the use of cash and mentioned that Bitcoin and other cryptocurrency assets can take advantage of the situation. PayPal allowed cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in 2020, and the company has seen a significant surge in crypto-related transactions in the last few months.

“Demand on the crypto side has been multiple-fold to what we initially expected. There's a lot of excitement. We’ve been looking at digital forms of currency and DLT for six years or so. But I thought it was early, and I thought the cryptocurrency assets at the time were much more assets than they were currency,” Schulman told TIME Magazine.

In March 2021, PayPal introduced ‘Checkout with Crypto service’ to allow US-based consumers to pay merchants through cryptocurrency assets. The financial services provider is planning to expand its crypto services globally in the coming months.

Last week, PayPal’s subsidiary Venmo announced support for several cryptocurrency assets including Bitcoin and Ethereum.

Institutional Adoption of Cryptocurrency Assets

Despite the recent surge in volatility across the cryptocurrency market, the adoption of digital currencies has jumped significantly since the start of this year. TIME Magazine announced a partnership with Grayscale, the world’s largest cryptocurrency asset manager, earlier this month and mentioned that the company has decided to add Bitcoin to its balance sheet. WeWork, one of the world’s leading flexible space providers, recently announced the acceptance of Bitcoin, Ethereum, and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as a mode of payment. According to the latest weekly digital asset inflow report published by CoinShares, the cryptocurrency market attracted $233 million inflows last week as the total value of the global digital assets under management reached $64 billion for the first time. As of writing, the overall market cap of digital currencies stands at around $1.95 trillion, which is up by more than 7% in the last 24 hours.