ars,” adding:

Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.

Schulman also explained that Paypal has “been looking at digital forms of currency and DLT for six years or so.”

However, he noted: “But I thought it was early, and I thought the cryptocurrencies at the time were much more assets than they were currency. They were too volatile to be a viable currency. And it was still a little bit too much of people not really understanding what they were going to get into, and what we really wanted to do is make sure that it became a little more mainstream so that we would work hand-in-hand with regulators before we put anything out into the market.”

Paypal launched its crypto service for U.S. customers in November last year. The company then established a business unit dedicated to cryptocurrency in February and enabled crypto payments at millions of stores with the “checkout with crypto” launch in late March. Last week, Venmo started rolling out crypto trading for its 70 million users to buy, sell, and hold cryptocurrencies.