PayPal´s latest announcement has the crypto community hopeful of a billion dollar base by 2025.
PayPal Holdings Inc has announced that it has begun allowing US consumers to use their cryptocurrency holdings as payment at its online merchants on a global basis. Needless to say, the move is a significant boost to the use of digital assets in everyday commerce.
Gaurav Dahake, CEO of Indian trading platform BitBns told The Tech Panda that this brings a lot of hope for the crypto community.
Gaurav Dahake
PayPal launching checkout service is a massive driver for adoption. This, after Visa adopting Ethereum as a settlement layer for transactions, are massively bullish events for crypto adoption
“PayPal launching checkout service is a massive driver for adoption. This, after Visa adopting Ethereum as a settlement layer for transactions, are massively bullish events for crypto adoption. I expect crypto userbase to grow from 100 million to 1 billion by 2025,” he said.
Two days ago, Visa announced the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum. Visa is leading the facility with Crypto.com, a Visa partner and globally, one of the largest crypto platforms, and there are plans to offer the USDC settlement capability to other partners later in the year.
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet,” said Dan Schulman, president and CEO of PayPal, said in the press release.
Read more: Crypto Barriers Investors Face in India: ´Constant regulatory flip-flopping´ ´Blanket bans´
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” he added.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.
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