PayPal Launches Crypto Service, Reveals Massive Surge In Demand For Bitcoin

PayPal made headlines not too long ago with the great news that made people in the crypto space crazy with excitement.

​PayPal has announced it is ready to get on the cryptocurrency train. The platform has revealed new features that will allow users to buy, sell, hold, and pay with cryptocurrency within their PayPal accounts.

As per the announcement, at first, it will support digital currencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

More than that just the other day, it’s been revealed that Ripple CEO Brad Garlinghouse posted a tweet a couple of days ago in which he was saying that he joined Twitter CEO Jack Dorsey and PayPal CEO Dan Schulman at the Civic Alliance.

PayPal sees booming interest in Bitcoin

It’s been now revealed that PayPal says it’s receiving boosted interest in its support for Bitcoin and crypto.

In its Q3 earnings call, PayPal CEO Dan Schulman said that customers sign up to be the first to use the company’s crypto services at a massive rate.

“It really came up very high on their wish list, and we see that come into fruition very quickly. Now we’ve only rolled this out to 10% of our base. We did that a couple of days ago, but our waiting list was 2 times to 3 times of what our expectations were,” he said as quoted by the Daily Hodl. 

PayPal allows about 10% of its customer base to buy, sell and hold BTC, Ethereum, Bitcoin Cash and Litecoin – it’s also important to mention that there’s a full-scale Venmo rollout coming next year.

“We’re going to take up our $10,000 limit per day to $15,000 per day based on the demand that we’re seeing, and we’ll roll out to 100% in the U.S. in the next two to three weeks,” he said.

He continued and said that “We’re then going to expand internationally, and we’ll expand into Venmo in the first half of next year.”


People Mentioned

Brad Garlinghouse
Brad Garlinghouse

Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.

Jack Dorsey
Jack Dorsey

Co-founder and CEO of Twitter and Square, Dorsey has been an advocate for Bitcoin since the early days. Having launched a crypto division of Square early this year (called Cash App - which helps newcomers buy Bitcoin), Dorsey is now making plans to lead the way to mass BTC adoption in Africa.

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An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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