PayPal’s crypto ‘super app’ set to roll out soon

cosmic background with dark light blue laser lights perfect digital wallpaper scaled

Dan Schulman said the project was already “code complete” and planned to be fully ramped in the United States in the next several months.

Payments provider company PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform.

During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal CEO said the company planned for the wallet to be fully ramped in the United States in the next several months.

The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities” and more. Schulman said each wallet would be “unique, driven by advanced AI and machine learning capabilities.”

PayPal reported that it had more than 400 million active user accounts as of June 30, with $311 billion in total payment volume for the second quarter of 2021. Venmo, the PayPal-owned payments firm, which launched crypto trading in April, had roughly $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.

“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.”

Related: PayPal users will be able to withdraw crypto to external wallets

Earlier this month, PayPal announced it would be increasing the limit on crypto purchases for certain users based in the U.S. from $20,000 to $100,000. The payments firm initially said it would be entering the crypto space in October 2020, later allowing eligible customers to use crypto for trading and payments.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 51,701.85
ethereum
Ethereum (ETH) $ 3,121.23
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 388.55
solana
Solana (SOL) $ 103.60
staked-ether
Lido Staked Ether (STETH) $ 3,116.54
xrp
XRP (XRP) $ 0.541772
usd-coin
USDC (USDC) $ 0.999711
cardano
Cardano (ADA) $ 0.590362
avalanche-2
Avalanche (AVAX) $ 37.45
dogecoin
Dogecoin (DOGE) $ 0.086010
tron
TRON (TRX) $ 0.137546
chainlink
Chainlink (LINK) $ 18.77
polkadot
Polkadot (DOT) $ 7.87
matic-network
Polygon (MATIC) $ 0.994356
uniswap
Uniswap (UNI) $ 10.90
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,824.89
the-open-network
Toncoin (TON) $ 2.09
internet-computer
Internet Computer (ICP) $ 12.56
shiba-inu
Shiba Inu (SHIB) $ 0.000010
bitcoin-cash
Bitcoin Cash (BCH) $ 267.44
litecoin
Litecoin (LTC) $ 70.21
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.24
filecoin
Filecoin (FIL) $ 8.28
cosmos
Cosmos Hub (ATOM) $ 10.39
leo-token
LEO Token (LEO) $ 4.23
ethereum-classic
Ethereum Classic (ETC) $ 27.38
kaspa
Kaspa (KAS) $ 0.170416
near
NEAR Protocol (NEAR) $ 3.70
blockstack
Stacks (STX) $ 2.57
optimism
Optimism (OP) $ 3.86
hedera-hashgraph
Hedera (HBAR) $ 0.108367
bittensor
Bittensor (TAO) $ 565.65
aptos
Aptos (APT) $ 9.64
vechain
VeChain (VET) $ 0.046057
stellar
Stellar (XLM) $ 0.116146
first-digital-usd
First Digital USD (FDUSD) $ 1.00
injective-protocol
Injective (INJ) $ 35.80
lido-dao
Lido DAO (LDO) $ 3.40
okb
OKB (OKB) $ 50.29
mantle
Mantle (MNT) $ 0.903380
the-graph
The Graph (GRT) $ 0.311256
celestia
Celestia (TIA) $ 16.90
render-token
Render (RNDR) $ 7.24
crypto-com-chain
Cronos (CRO) $ 0.094472
arbitrum
Arbitrum (ARB) $ 1.91
monero
Monero (XMR) $ 129.59
sei-network
Sei (SEI) $ 0.814794
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,431.96