PayPal president CEO Dan Schulman is revealing that demand for the online payments firm’s crypto services has significantly exceeded projections.
In an interview with Time magazine, Schulman reveals that the payments giant has been looking at cryptocurrencies since 2015 but the company didn’t pull the trigger until late last year.
“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement… We’ve been looking at digital forms of currency and DLT (distributed ledger technology) for six years or so. But I thought it was early, and I thought the cryptocurrencies at the time were much more assets than they were currency.”
Although cryptocurrencies were already under PayPal’s radar for over half a decade, Schulman says the technology and the market needed time to mature before the payments giant could take the leap.
“They were too volatile to be a viable currency. And it was still a little bit too much of people