Greater crypto functionality on PayPal
PayPal users may not have much longer to wait to have greater crypto functionality through the platform.
During PayPal’s Q2 2021 investor update call Wednesday (July 28), CEO Dan Schulman said that the initial version of the company’s super app wallet was “code complete.” The PayPal president added that the company planned for the wallet to be fully ramped in the United States in the next several months.
Schulman also said that each wallet would be “unique, driven by advanced AI and machine learning capabilities.”
The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities,” and more.
PayPay’s current crypto functionalities
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.
In May this year, PayPal announced that users will be able to send their cryptocurrencies to other wallets instead of just holding it on PayPal or selling it into fiat currency for withdrawal.
The functionality was available just seven months after PayPal first enabled crypto purchases on its platform.
“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source. We’re also seeing strong adoption and trading of crypto on Venmo.”Dan Schulman, CEO of PayPal