Following a limited buy/sell/hold crypto trading release that “exceeded expectations”, Head of Paypal Dan Schulman reportedly shared that the firm will spend increasing resources in crypto, blockchain, and digital currencies in 2021. 

Specifically, Schulman reportedly revealed that crypto will be functioning as an acceptable “funding source when [users] shop at any of our 29 million merchants”, and there will be an “extensive roadmap around crypto, blockchain and digital currencies” rolled out in 2021. 

“We also saw an exceptional response from our crypto launch,” said PayPal CEO Dan Schulman. “[…] The volume of crypto traded on our platform greatly exceeded our expectations.”

Schulman additionally claimed that PayPal is closely collaborating with regulators and central banks “to shape the future of”, regarding a post-fiat money scenario. 

“We are significantly investing in our new crypto, blockchain, and digital currencies unit,” he said.

Analysts expected a jump of 3.87%, regarding the overall accounts, to 375 million, along with total payments processed, a 8% growth throughout Q3. The firm has reportedly exceeded target with $277 billion processed and 377 million in total accounts. 

The update rolled out to investors for Q4 of Paypal reportedly included “digital currencies” as a “key focus area.”

Furthermore, Paypal reportedly disclosed that the scope of their “Buy, Hold, and Sell Cryptocurrencies” project will be widened to cover “Venmo and select international markets” in 2021.

Lastly, Paypal reportedly claimed that a “commerce experience” would be released next year, which would offer  “cryptocurrency as a funding source to pay at PayPal’s 29 million merchants around the globe.”