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Home Markets Cryptos

28 million merchants to be granted crypto usage on PayPal

Olumide Adesina by Olumide Adesina
November 24, 2020
in Cryptos, Tech News
PayPal acquires shopping browser extension company for $4 billion
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PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.

In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”

READ: Why PayPal dropped 6% after posting its strongest earnings growth

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The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).

He said:

“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”

READ: Ripple emerges as fourth biggest fintech company globally, worth $10 billion

"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY

— Squawk Box (@SquawkCNBC) November 23, 2020

READ: NIPC releases its Q3 2020 report on Pioneer Status Incentive (PSI) applications

What this means

About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.

It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.

READ: Unknown identity moves $117 million worth of Ethereum

In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”


Follow us for Breaking News and Market Intelligence.
Tags: Business NewscryptoDan SchulmanPaypal
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Akintola Moses Idowu says:
    November 24, 2020 at 9:48 am

    It’s a good idea but can Nigeria government will love to do that sir?
    Please am a Revd I love to invest but all have done so far is not give me encouragement as a crypinvestor
    Am involved in The Billion Coins,but here in Nigeria we have stranded slot no gain
    My blood brother which crypto is reliable for me to and earn my money like you as at when due
    Please encourage me and put me through I will be expecting your advice.

    Reply

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