PayPal’s induction of Bitcoin and other cryptocurrencies in its mainstream system is a big move, told investors. The move also proved right because it simultaneously allowed a high in price of Bitcoin as well as PayPal’s stocks.
In a recent announcement PayPal’s CEO, Daniel Schulman said that PayPal will soon launch its crypto services for the customers. Through PayPal’s wallet, customers will be able to store their cryptocurrencies and participate in the selling and purchasing of them. However, Schulman told that the initial services will be only for the customers who are based in the US. But in the third quarter of 2021, the services will be available for worldwide customers, he said.
PayPal’s announcement was however taken as a big move in the crypto world. Famous Squawk Box at CNBC recently recorded an interview of a multi-millionaire who is the CEO of Galaxy Digital, Mike Novogratz. In this interview, Novogratz told that PayPal’s move is one of the biggest moves in the crypto industry. He told that the loud shout of PayPal has reached Wall Street. He said that the exceptional entrepreneurs in Wall Street have duly taken note of the move.
While discussing the crucial role that PayPal can play in strengthening cryptocurrencies, he said that PayPal is the largest handler of funds electronically. Novogratz told that PayPal has 345 million active accounts and currently at number 30 amongst the largest banks in the US for deposit and transfer.
Novogratz also told during the interview that he had a look at stocks of those companies which were part of the crypto. He told that to his surprise he found that such stocks had shown phenomenal results. He explained that even in the wake of the pandemic, the crypto business remained at the top. Similarly, the companies attached with crypto too were able to sustain in the given circumstances.
Novogratz then co-related the move of PayPal with that sustainability. He said that this might be the major reason for PayPal’s decision to induct crypto currency in its system. He then also appreciated the decision of PayPal to engage the services of Paxos for processing the induction. Paxos will provide its serves to PayPal for handling cryptocurrencies.