PayPal’s Move to Crypto Shows How It Remains the King of Payments
PayPal’s leap into modern money seems to have paid off. Reports indicate that its support of cryptocurrency on its platform is going well. By making the ability to buy and sell cryptocurrency so easy, PayPal’s most recent market venture appears to be paying off. But what else could PayPal do to keep themselves in the green?
PayPal for Payments
PayPal has successfully managed to pivot its business away from being eBay’s main payment partner. For instance, as the list of the best online casinos shows, the competitive nature of the industry means that each site must showcase its best features for customers to see them amidst their competitors. One of the ways this is achieved is through listing payment options, of which PayPal is one of them. PayPal is a trusted brand which means that sites that allow payments to be taken through PayPal are more likely to also be trusted.
PayPal is undeniably one of the most recognizable names when it comes to digital payments. It can be used for traditional payments such as Amazon and eBay and as a way to monetize the latest trends in tech and communication, such as Clubhouse. This is in part due to their partnership with global brand eBay for so many years. But they have made sure to be on the cusp of technology and consumer demand. The latest venture into crypto further proves this, especially as more people than ever are getting into crypto.
Moving to Crypto
The move to cryptocurrency seems apt, especially given how the crypto industry has evolved since the early days of Bitcoin. Nowalternativeslike the Dogecoin have taken the world by storm and really put crypto on the map. So, it makes sense for PayPal to get involved with it. By acting as a broker, PayPal has diversified its offering.
Indeed, experts expect that an incremental increase of 2% will be felt by the company for its overall revenues (between $300 and $600 million). This has also helped PayPal rise above its competitors, such as Square. While PayPal offers crypto trading on a wide raft of different currencies, Square is limited to just Bitcoin. So, PayPal made sure that they didn’t just offer a bare minimum crypto service but a future-proof one.
PayPal’s trust for online casino providers can also be seen with its crypto offering. In the same way that the presence of PayPal convinces people that the site is genuine and trustworthy, so too does PayPal’s presence for crypto in general. Not only has PayPal made sure they are involved in the next big bear market, but that they are responsible for some of the success the market itself has experienced.
PayPal’s success over the years arguably comes down to its business savvy. This can be seen through the move towards cryptocurrency, which has long been touted as the future of finance. Allowing people to use a trusted platform such as PayPal to conduct crypto trades also gives further legitimacy to the fledgling industry.