New research suggests a significant portion of PayPal’s users are already taking advantage of the payments giant’s support for cryptocurrency.
The investment bank Mizuho Securities USA says it surveyed 380 PayPal users in the US to determine their level of interest in using the platform to buy Bitcoin. A full 17% of respondents said they have already bought BTC using their PayPal accounts, reports The Street.
As for whether they would spend their Bitcoin to buy goods and services at PayPal’s 28 million online merchants, 65% of those who have already traded BTC using the payment giant’s platform said they would consider doing so.
In addition, people who use PayPal to trade Bitcoin are using the payments platform at a rate that’s three times higher than users who aren’t trading the largest cryptocurrency.
Mizuho senior analyst Dan Dolev says he believes PayPal’s embrace of cryptocurrency could lead to a 20% growth in revenue next year.
PayPal first began allowing its users in the US to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin on November 13th. Users are allowed to buy as much as $15,000 in crypto per day, with a limit of $20,000 per week.
PayPal will extend its crypto services to Venmo in the first half of 2021. The company is working with the fintech firm Paxos Trust Company to enable its crypto trading and custody services.
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