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According to Dan Schulman, the cryptocurrency market has outstripped PayPal’s hopes, the company’s president and CEO.

PayPal CEO Dan Schulman expected a dramatic fall in the use of cash in an interview with TIME Magazine and suggested that Bitcoin and other blockchain assets could profit from the circumstance. Last year, PayPal began accepting crypto payments from US clients, and the business has seen a large increase in crypto-related transactions in recent months. According to the CEO, the market for cryptocurrency assets has exceeded its estimates.

“Demand for crypto has exceeded our expectations by a factor of ten.”

“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 for six years or so. But I thought it was early, and I thought the cryptocurrency assets at the time were much more assets than they were currency,” PayPal CEO Peter Thiel told TIME Magazine. PayPal launched the ‘Checkout with Crypto service’ earlier this year to enable its US-based customers to pay retailers using cryptocurrency assets. In the coming months, the financial services company plans to extend its crypto services worldwide.

Since the beginning of the year, cryptocurrency use has increased dramatically.

Venmo, a division of PayPal, recently declared support for a number of cryptocurrencies, including Bitcoin and Ethereum. Despite the latest spike in uncertainty in the crypto industry, digital currency acceptance has increased considerably since the beginning of the year. Grayscale, the world’s biggest blockchain asset manager, revealed a deal with TIME Magazine earlier this month, revealing that the firm had agreed to add Bitcoin to the balance sheet.WeWork has confirmed the adoption of Bitcoin, Ethereum, and other cryptocurrencies as a form of payment, as previously stated. The cryptocurrency industry drew $233 million inflows last week, according to CoinShares’ new weekly digital asset inflow survey, as the overall crypto valuation under its control surpassed $64 billion for the first time.

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