PayPal to continue enhancing support for crypto – VP says
PayPal is pro-crypto and intends to add support for as many digital services as possible, including CDBCs, the company's vice president Richard Nash said in Davos..
Payments giant PayPal intends to integrate all cryptocurrencies, blockchain services and CDBCs within its ecosystem, the company’s vice president Richard Nash told CoinTelegraph in an interview at the World Economic Forum 2022 in Davos, Switzerland.
The company has steadily increased its support for various crypto payment options in recent months. In March, PayPal announced a crypto check-out service for 29 million merchants that allows all merchants to accept crypto payments in Bitcoin, Ether, Bitcoin Cash, and Litecoin from US customers.
Although PayPal has been one of the largest online payment service providers to roll out crypto integrations, Stripe has only this year announced a new comprehensive solution to help crypto businesses with their payment processes.
Since last year, PayPal has been making significant moves into crypto with a new crypto unit and allowing Americans to pay with Bitcoin and Ethereum at over 29 million vendors.
In April 2021, PayPal CEO Dan Schulman also revealed the growth of the crypto segment of their business after integrating cryptocurrency payments in Q4 or 2020.
Crypto focus of PayPal’s mobile application Venmo
Although PayPal remains quiet about cryptocurrency services on their social channels and across the major marketing forums, they have tapped into the crypto world through their mobile payments application, Venmo.
With the Venmo app, they are proactive in promoting the crypto payment services available for all Venmo clients. In 2015, Schulman said he believed Venmo’s social feed of transactions to be a ‘secret sauce’ of the application.
PayPal continues to actively explore the potential of crypto on Venmo, where it helps to onboard new users of cryptocurrencies with educational content and step-by-step instructions. According to EarthWeb, Venmo had over 83 million users at the end of 2021.