Super Application PayPal (cryptocurrency wallet)

2021: Launch crypto wallet

At the end of July 2021, PayPal announced the launch of its own cryptocurrency wallet. We are talking about the creation of the so-called super-application, which will support tools for working with highly profitable savings accounts, investment services and other services.

At a conference on the publication of financial statements for the second quarter of 2021, PayPal CEO Dan Schulman said that the company's specialists have completed work on the code base of the "initial version" of the digital wallet, which will be integrated into the super application. According to him, PayPal intends to fully deploy the service in the United States "in the next few months."

PayPal launches a cryptocurrency wallet

PayPal provided its American customers with access to cryptocurrencies back in November 2020. Cryptocurrency storage fees are also not charged to customers.

Also, by August 2021, PayPal is developing the Checkout with Crypto service, which allows you to pay with cryptocurrency around the world. Users will be able to convert bitcoins (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). in fiat currencies to make purchases. The payment system hopes that its service will allow participants to avoid risks associated with cryptocurrency volatility by conducting operations in fiat currency. In July 2021, PayPal five times increased the limit on the purchase of cryptocurrency.

As of June 30, 2021, the PayPal had more than 400 million active users, and the total volume of transactions in the II quarter amounted to $311 billion.

In early August 2021, it became known that the PayPal is recruiting more than 100 new employees for several positions related to cryptocurrency, which indicates the company's plans to further expand its presence in the fast-growing digital asset market.^[1]

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