In late October, PayPal started to enable users to buy and sell cryptocurrencies. During yesterday’s quarterly earnings call, PayPal’s President and CEO Dan Schulman confirmed that customers would be able to use their cryptocurrency to pay for purchases at stores from March this year. PayPal has 29 million merchants, but cryptocurrency is only currently enabled in the United States.
That’s something that’s about to change with the first international jurisdiction to be added in a few months. The Venmo app will also include cryptocurrency functionality soon.
Schulman said the response to the introduction of cryptocurrency was exceptional, particularly in terms of engagement. Users open their wallets twice as often as previously, presumably to check cryptocurrency prices.
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