Building on its relatively new service letting Paypal’s 375 million customers buy, hold and sell cryptocurrency directly from their accounts, Dan Schulman, Paypal CEO, said on Tuesday that the company’s recently launched “Checkout With Crypto” service, which encourages purchases with bitcoin, ether, and other cryptocurrencies, will easily reach $200 million transaction volume within months. Schulman’s comments were delivered at Forbes’ third annual Blockchain 50 Symposium celebrating large companies using the technology behind bitcoin to improve their businesses. It took soon-to-go-public Coinbase, the United States’ largest crypto exchange, two years to reach the same volume on its similar merchant service. In the third quarter of 2020, Paypal had payment volume of $247 billion.
Schulman was one of a dozen executives from Visa, Onyx JPMorgan, Fidelity, and LVMH, among others, at the event, which serves the purpose of reflecting the growing cryptocurrency and other blockchain ambitions of Forbes Blockchain 50 list members.
Written by Nina Bambysheva