PayPal, a leading payment provider company, announced that its users may not have to wait much longer to have more cryptocurrency functionality through the platform. What does this mean for the crypto industry? Very much.
During PayPal’s Q2 2021 investor update call, CEO Dan Schulman said that the initial version of the company’s cryptocurrency wallet was “full code.” Schulman mentioned that the company planned to have the wallet fully expand in the United States in the coming months.
«We are one of the few payment companies that allows consumers to use cryptocurrency as a source of financing“Said the CEO of PayPal. «We are also seeing strong crypto adoption and trading on Venmo.». Recall that PayPal initially said that it would enter the crypto space in October 2020. This would allow eligible customers to use cryptocurrencies for transactions and payments.
What we know about the PayPal cryptocurrency wallet, or
«super app »
PayPal’s cryptocurrency wallet will feature high-yield savings, early access to direct deposit funds, and messaging capabilities. There was even talk of “additional crypto capabilities” and more. Schulman said that each wallet would be “unique, powered by advanced artificial intelligence and machine learning capabilities.”
In early July, PayPal announced that it would increase the cryptocurrency purchase limit for certain US-based users. Specifically, they announced that it could go from US $ 20K to US $ 100K.
This news would be a huge step towards the widespread adoption of cryptocurrencies, considering that by the end of June PayPal had more than millions of active user accounts. Additionally, the total payment volume is estimated at US $ 311 billion for the second quarter of 2021.
Only Venmo, the PayPal-owned payments company, which launched cryptocurrency trading in April, had approximately $ 58 billion in total payment volume for the second quarter of 2021. It also had 76 million active accounts.
What impact could this announcement have on the crypto industry? Well, any channel that facilitates its adoption is beneficial. If PayPal succeeds in developing this idea further, it would certainly mean a lot in this regard.