The payment services giant will allow users to turn crypto into fiat for use at any one of 35 million merchant accounts.
Users will be able to turn their crypto into cash that can be used at any of 35 million merchant accounts
AUSTIN, Tex. CEO Dan Schulman says that PayPal's (PYPL) move this week to let customers move crypto out of PayPal's cryptocurrency "walled garden" and into external wallets is the first step toward a digital currency-based world.
Schulman was on stage at Consensus 2022 in Austin, Texas, with PayPal's crypto lead, Jose Fernandez da Ponte. Schulman said that his company is in crypto for the long haul.
"We will instantly turn your crypto into fiat currency, which you can use in any of our 35 million merchant accounts," Schulman said. "We are trying to add functionality." "But what we just did with transfers is kind of like the first step as we move from a fiat-based world to a digital currency-based one," he said.
At first glance, PayPal's long-awaited move seems to be just another step in the same direction as Robinhood and other cryptocurrency apps. But letting people put and take crypto from their PayPal wallets uses a lot of different networks, da Ponte said.
"Let's say there are 100 million people who use crypto
The PayPal network, which has hundreds of millions of customers and millions of merchants, was connected but separate. We made a connection between this world of money and this world of crypto. When these two networks are put together, their value will be so much higher," da Ponte said.
Crypto hasn't worked as a payment method, but Schulman says that stablecoins, regulation, and digital identity innovations are bringing the stars together. "Over time, the volatility will go down, and the value will go up," he said.
Schulman said that the current crypto winter is a time to double down, which is what some of the other CEOs who spoke in Austin this week also said. Schulman said, "I buy, hold, and sell, sometimes outside of PayPal. I don't make that many sales."
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