PayPal Might Support CBDCs Soon, Crypto Services To Go Global Next Year

The payments giant PayPal is mulling over launching its digital asset services for users of its platform worldwide, along with the Venmo app. Notably, the company is allegedly exploring CBDCs.

A couple of senior executives at PayPal have divulged more particulars about its plans to set its foot into the virtual currency domain next year during the company’s third quarter earnings call, including plans to support CBDCs.

Dan Shulman, the CEO of PayPal mentioned that the world is quickly moving from physical to digital, stressing the enhanced rate of transformation within the payments and financial services domains.

Quoting deliberations with central banks, regulators, and virtual asset business leaders, Shulman stated that there is no question that crypto assets are going to be mounting in position, having growing functionality, and increasing eminence.

The company’s chief executive mentioned that through its scale and eminence the firm will aid shape the utility of central bank digital currencies. This includes helping interoperability with present payment rails and nurturing reception among merchants.

Last month, the payments giant declared that it would roll-out facilities permitting users to buy and sell digital currencies, sending bullish impacts across the crypto markets. Furthermore, the roll-out will witness virtual currencies supported by PayPal’s merchant network of around twenty eight million merchants.