Payments giant PayPal is planning to launch a new business unit dedicated to cryptocurrency services. It is expected to be launched later this quarter. Trader Joe McCann, founder of NodeSource commented,

“Digital wallets are a multi-trillion-dollar opportunity, so it's only natural PayPal announces a cryptocurrency business division.”

With the current financial system getting outdated, it is important the company launches a new crypto division or business unit, said Chief executive Officer David Shulman. He said,

“We all know that the current financial system is outdated, and we can envision a future in which transactions are completed in seconds, not days, a future where completing transactions is less expensive, and a future that enables all people to be part of the digital economy, not just the wealthy. We are investing heavily in the cryptocurrency, blockchain, and cryptocurrency industry unit to help shape this more inclusive future.”

The payments giant is also working on enabling customers to use supported cryptocurrencies to pay for goods and services at its network of 29 million merchants around the world. This service is also expected to be rolled out before the end of this quarter.

“We hope to launch our first international marketplace in the next several months,” Schulman said. The company further expects to integrate digital assets with Venmo later this year.

In October last year, PayPal first allowed its more than 300 million active users to buy, sell, and hold cryptos on its platform. In Q4 of 2020, the company attracted over 16 million new users with an active account.

The CEO also shared that “everyone who owns PayPal cryptocurrencies has increased their activity on the PayPal application or site twice more than it was previously.”

Last week, there were reports that it is also considering acquiring crypto custody startup Curv, which the crypto market sees as “insanely bullish.”

Meanwhile, the payment company is also working with regulators and central banks to shape “the next generation of the financial system,” said Shulman.

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