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Crypto app from PayPal is expected to launch soon

crypto-app-from-paypal-is-expected-to-launch-soon

PayPal has hinted that its users likely will not have to wait much longer to get more crypto-related features through the platform.

During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the first version of the company’s super app wallet is “code complete.” The PayPal CEO said the company plans to fully launch the wallet in the U.S. in the coming months. 

The “super app wallet” offers high return savings. It also provides early access to direct deposits, messaging capabilities, additional crypto features, and more. Schulman says advanced AI and machine learning will uniquely power each wallet.

Buying and selling Bitcoin will be available in the U.K.

Schulman also hinted at the possibility that the buy and sell feature could be available in the United Kingdom as early as next month, a development that would make good on the promise the company made in February.

Although Bitcoin was not directly mentioned on the conference call, Schulman said the company is adding features to its Venmo crypto services that could allow thousands of users to gain exposure in Bitcoin.

More than 400 million active user accounts

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

Earlier this month, PayPal announced it would increase the limit on crypto purchases for certain U.S.-based users from $20,000 to $100,000. 

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