American payment giant PayPal is planning a global expansion of its new crypto services in the first half of 2021. The payment giant has also revealed plans to support central bank digital currencies (CBDCs).
When PayPal announced its entrance into the crypto market on the 21st of October, the payment company said only its US customers could access the service for now. As stated in the announcement, the service currently supports only four digital assets.
The company further said it has plans to expand the new service in 2021, giving its users global access to crypto services.
Currently, only 10% of PayPal users in the US have access to the crypto service. However, the company said other users would have access before December. PayPal top executives made the announcement during its Q3 earnings call on the 2nd of November.
Also, PayPal has increased its crypto purchase limit to $15,000 weekly. Formerly, users could only buy digital assets worth $10,000.
In addition, PayPal has plans to support CBDCs. Presently, several central banks are working on creating their digital currencies. PayPal hopes to use its prominence to encourage merchants to accept digital currencies when launched.
Reinforcing the importance of digital currency, PayPal CEO Dan Schulman said:
“There is no question that digital currencies are going to be rising in importance, having increasing functionality, and increasing prominence.”
Image Credits: Pixabay
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