WEF 2022: PayPal looks to embrace all possible crypto and blockchain services

Published at: May 23, 2022

Global payment giant PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its services, according to a senior executive at the firm.

PayPal is working hard to support all possible digital services, including digital currencies and central bank digital currencies (CBDC), vice president Richard Nash said in an exclusive statement to Cointelegraph at the World Economic Forum on May 23.

After rolling out its buy, hold and sell service for Bitcoin (BTC) across the United States in 2020, PayPal continues to expand its digital currency-related offering. Nash noted:

“Just working slowly in the crypto field with buy/sell/hold in certain jurisdictions. And then looking to work with others to embrace everything we can, whether it be the coins that we have today in PayPal digital wallets, whether it be private digital currencies, whether it be CBDCs in the future.”

Nash also hinted that he is a cryptocurrency owner, which perfectly aligns with his position at PayPal. When asked whether he holds any crypto himself, the vice president answered, “We have a lot of things that I’m working on at PayPal. I like to experience services myself, so I think that’s natural.”

As previously reported by Cointelegraph, PayPal CEO Dan Schulman disclosed that Bitcoin is the only cryptocurrency he held as of November 2019.

Related: WEF 2022: Ripple SVP says crypto winter provides an opportunity to build

PayPal is one of the world’s largest payment companies to have moved into crypto and blockchain in recent years. Apart from introducing BTC buy and sell options in certain countries, PayPal also announced its own crypto check-out service in March 2021 to allow crypto payments for merchants. The firm is reportedly also considering launching its own stablecoin, named PayPal Coin.

Tags
Adoption
Blockchain
Bitcoin
Business
Cryptocurrencies
Paypal
Cbdc
Related Posts
Demand for PayPal’s crypto offering exceeded all expectations, CEO says
The demand for cryptocurrency exceeded PayPal’s initial expectations after the firm launched crypto trading in late 2020, according to the company’s CEO. “Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement,” PayPal president and CEO Dan Schulman said in a Sunday interview with Time magazine. Schulman said that existing financial infrastructure needs modernization because it’s “inefficient today” due to overly expensive, slow international transactions. The CEO predicted that the financial system is poised to see more changes in the next five to 10 years than it has experienced over the past …
Adoption / April 26, 2021
PayPal to start letting US customers pay in Bitcoin at global merchants
Online payments giant PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants, the firm’s president and CEO revealed on Tuesday ahead of a formal announcement. News broke regarding PayPal’s rumored decision to accept cryptocurrencies early on March 30. Later in the day, the firm’s CEO, Dan Schulman, confirmed to Reuters that the rumors were true and that an official statement would be released imminently. The new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins. The system …
Adoption / March 30, 2021
Mastercard announces support for crypto on its network
Mastercard has announced plans to support cryptocurrencies in 2021, paving the way for its nearly one billion users to spend digital assets at more than 30 million merchants. The firm believes this may open merchants up to new customers and build loyalty with existing customers who are already migrating to digital assets over traditional fiat options. “It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value” While the global payments giant noted it is planning to support stablecoins due to their “reliability and security,” …
Blockchain / Feb. 11, 2021
Crypto Bahamas: Regulations enter critical stage as gov't shows interest
The crypto community and Wall Street converged last week in Nassau, Bahamas, to discuss the future of digital assets during SALT’s Crypto Bahamas conference. The SkyBridge Alternatives Conference (SALT) was also co-hosted this year by FTX, Sam Bankman-Fried’s cryptocurrency exchange. Anthony Scaramucci, founder of the hedge fund SkyBridge Capital, kicked off Crypto Bahamas with a press conference explaining that the goal behind the event was to merge the traditional financial world with the crypto community: “Crypto Bahamas combines the crypto native FTX audience with the SkyBridge asset management firm audience. We are bringing these two worlds together to create a …
Adoption / May 3, 2022
Hedge fund giant Marshall Wace to reportedly dive into crypto
Marshall Wace, a London-based hedge fund giant managing about $55 billion in assets, is reportedly planning a major move into cryptocurrency and blockchain investment. The hedge fund firm is preparing to launch a dedicated portfolio, targeting investments in the digital asset industry, the Financial Times reported on Tuesday. Citing anonymous people familiar with the matter, the report notes that the new initiative will focus on investing in privatelyowned digital finance companies working in areas like blockchain technology and payments systems for digital currencies and stablecoins. It is believed that Marshall Wace’s new digital finance portfolio will be headed by Amit …
Adoption / July 6, 2021