In the next five to 10 years, there will be more changes in the financial system than over the past two decades, PayPal’s CEO predicted.The demand for cryptocurrency exceeded PayPal’s initial expectations after the firm launched crypto trading in late 2020, according to the company’s CEO.
PayPal announced its plans to introduce the ability to buy, hold and sell a number of cryptocurrencies including Bitcoin (BTC) and Ether (ETH) in October 2020. By the time the new feature went live in the United States in mid-November 2020, Bitcoin was trading at around $16,000. The world’s largest cryptocurrency subsequently saw a massive rally, driving its price to a new historic record above $64,000 in April.
Amid growing prices and demand for crypto, PayPal has continued to expand its crypto services to clients, launching its crypto check-out service in late March to allow crypto payments for merchants. Last week, PayPal-owned payments platform Venmo introduced crypto trading for four major coins including BTC, ETH, Litecoin (LTC) and Bitcoin Cash (BCH).