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In a Q3 earnings report call held on November 2, PayPal outlined its plans for cryptocurrency support, offering insight into how it plans to strategize the asset class in 2021.
- The key highlight from the call was that cryptocurrency services would be coming to the Venmo app and international customers in the first half of 2021
- Additionally, the platform would be working on shopping tools and partnerships with banks to cast a wider net on potential use cases
- In Q3 2020 earnings report itself, after noting it to be one of its strongest ever quarters, President and CEO Dan Schulman said that the company would invest in creating a “digital wallet that embraces all forms of digital currencies and payments”
- Schulman said in the call that the waiting list for cryptocurrency access was 2-3 times greater than anticipated
- He also stressed on the importance of complying with regulation, stating that alongside adding more functionality, it would position PayPal as a "market leader in the digital currency space"
- The introduction of PayPal into the space would mark a new era of market interaction, bringing some competition to centralized exchanges like Coinbase
- PayPal has also increased the weekly buying limit from $10,000 to $15,000 for "eager" customers
- Shortly after announcing its push into crypto, rumored emerged that PayPal was looking into buying crypto companies, with custodian BITGO one of the potential buys
