Payments giant PayPal has just unveiled it has additional plans related to cryptocurrencies. The company CEO Daniel Schulman has said the firm intends to create a specialized division aimed at handling issues related to digital assets:
"We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future."
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The Block has reported citing several sources that the creation of a separate division highlights the company's interest in the crypto sector.
Schulman has also said he is "excited to build upon this early success by allowing customers to use their crypto balance as a funding source whenever they shop at our 29 million merchants:"
"We anticipate the rollout of that capability to begin late this quarter, and we hope to launch our first international market in the next several months."
Schulman added the integration of cryptos into the Venmo application should happen "in the coming months."
All these plans are "just the beginning of an extensive roadmap around cryptos and blockchain," Schulman said. He also noted customers who use PayPal to buy and sell cryptocurrencies now open the app two times as much as they did before.