It was back in 2020 when the cryptocurrency industry was booming in terms of adoption and transaction volumes. The industry also observed the number of its users grow from a few million to more than 200 million in a matter of a couple of years.
As far as bitcoin (BTC) and altcoins are concerned, all the digital assets were gaining adoption but it was slow and gradual. Despite gaining all the success and adoption, the platform was still lacking one of the major components which was a mainstream success.
In order to survive and gain huge investments, the platform was in serious need of mainstream adoption. By mainstream adoption, it meant that major financial institutions, huge investment groups, and retail adoption were in the industry.
At that time, there were only a few mainstream institutions such as MicroStrategy that had invested a huge amount of money in acquiring Bitcoin (BTC) back in August and September.
That is when PayPal made its entry in the middle of September and made a huge announcement. The payments giant revealed that it was going to integrate major cryptocurrencies into its platform. Therefore, in the middle of October, PayPal confirmed that it had launched the service through the platform.
The platform announced that initially, the PayPal users based in the United States would be able to buy and sell Bitcoin, Ethereum, Litecoin, Ripple, and other major currencies.
Then the platform announced that it would roll out its service globally throughout the year 2021. This resulted in the cryptocurrency industry gaining worldwide recognition and mainstream success. From that point onwards, the industry has experienced all-time highs and huge investment has come to the platform.
PayPal ended up playing a huge role in uplifting the reputation and market capitalization of the platform. Right at the beginning of the year 2021, the cryptocurrency industry managed to cross the $1 trillion market capitalization and as of now, it is sitting at $1.4 trillion.
Although PayPal has played a huge role in helping the cryptocurrency industry gaining mainstream success, yet PayPal prefers to do things its own way. The platform has revealed that it currently has no plans of investing in bitcoin (BTC). But the platform is always ready to provide its users with all the opportunities to invest in bitcoin (BTC) and other cryptocurrencies.
Recently, the CEO, Dan Schulman, and the Chief Financial Officer (CFO) of PayPal, John Rainey, talked about the future plans of the company.
Both PayPal representatives stated that PayPal is now planning to launch its services in the same manner as AliPay. They announced that PayPal is in the process of developing its own super application that would allow interoperability with a wide range of instruments for payments.