PayPal’s Cryptocurrency Super Application Is Likely To Launch Soon

PayPal Holdings Inc., more commonly known as PayPal, is a payment processing company based in the United States, with its headquarters situated in San Jose, California. It specializes in processing payments for numerous countries worldwide which deal in online money transfers. Not too long ago, the company made it known that it is supportive of the crypto industry and would like to do its part to help usher in a new era of digitalization and online payments by officially adding cryptocurrency payments to its list of services. 

Dan Schulman, the CEO of PayPal, recently made it known that the company has plans of introducing a ‘super app’ that will reportedly greatly improve crypto functionality. He, therefore, stated that this new initiative had been ‘code completed’ and is scheduled to be fully implemented within the U.S as soon as in the upcoming few months. As such, the company’s representatives have announced that its customers will not have to wait for much longer in order to use the app and thus experience further ease of access when it comes to crypto via PayPal’s platform.

The ‘super app’

This ‘super app’ wallet shall include high yield savings, messaging capabilities as well as new cryptocurrency capabilities in general, early access regarding direct deposit funds, and so much more. Dan stated that in line with this new initiative’s goals, every wallet should be unique in nature and driven via advanced artificial intelligence (AI) in addition to machine learning capabilities.

Furthermore, the company had stated that as of June 30th, 2021, PayPal had gained a massive number of active user accounts (400 million to be exact) and $311 billion in cumulative payment volume as far as the year’s second quarter may be concerned. Moreover, Venmo (the payments firm owned by PayPal, which had also launched cryptocurrency trading back in April) had reportedly just about $58 million in overall payment volume for 2021’s second quarter, and its active accounts totaled 76 million.

PayPal offers crypto to be used as a source of funding

Dan had proudly claimed that only a handful of companies enable users to successfully utilize crypto as a source of funding and that PayPal is one of them. Additionally, the CEO added, the company has experienced an increase in cryptocurrency adoption as well as crypto-trading on Venmo.

In related news, the limit regarding cryptocurrency purchases is going to be increased, according to PayPal, earlier on in July. This increase is meant for those specific users who are based in the U.S and will be between $20,000 and $100,000.

Leave a Reply

Your email address will not be published.