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PayPal’s Crypto Efforts Are Producing ‘really great results’

Paypal recently provided an update call in regards to the 1st quarter of 2021. During this standard procedure, President and CEO Dan Schulman took the opportunity to comment on how the company has embraced certain cryptocurrencies to which he responded favorably. He believes crypto and central bank digital currencies will be a driving force in forging “a more equitable financial system.”

Recently PayPal announced that they were accepting certain cryptocurrencies for payment and since then a lot of speculation has come in the form of wondering what Paypal’s future plans were for the use of crypto. In this initial statement, they added that they would be open to adding more cryptocurrencies in the future.

“We believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years,” Schulman said, adding this would help efforts to recover from the pandemic: “Both cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.”

According to Schulman, Paypal is taking on the use of cryptocurrencies and has a full roadmap planned. Noting its digital asset innovations will be pursued “in partnership with governments and in compliance with local, national and global regulatory frameworks.” 

The company’s shares raised by 5% on Monday after they announced their earnings for Q1. They also brought in 6 billion USD for the first quarter of this year which was 2% above their estimations. The adoption of crypto from the world’s leading money transfer company represented a landmark moment for crypto and it is positive that the company is very open to embracing even more crypto projects in the future.

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