Payment provider PayPal said it is working on a cryptocurrency super app, and it will be released soon
PayPal CEO, Dan Schulman, revealed during the company’s Q2 2021 investor update call yesterday that they are close to rolling out their cryptocurrency super app. He stated that their users won’t have to wait much longer to enjoy additional cryptocurrency functions through their platform.
Schulman told investors that the initial version of PayPal’s super app wallet was “code complete”, and he expects the wallet to be available to its US customers in the next few months. However, he didn’t give an exact month when he expects the app to be available to cryptocurrency investors and traders.
According to PayPal, the super app wallet will come with numerous features, including high yield savings, messaging capability, early access to direct deposit funds, extra cryptocurrency functionalities and more. The CEO pointed out that per their design, each wallet will be driven by advanced AI and machine learning capabilities, making them unique.
Schulman said, “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.”
PayPal rolled out its cryptocurrency services a few months back, allowing its millions of users to gain exposure to Bitcoin and a few other cryptos. PayPal-owned Venmo followed suit a few months later.
Earlier this month, the online payment giant said it would be increasing the limit on cryptocurrency purchases for some users in the United States. The current cap is $20,000, but PayPal is increasing it to $100,000.
During the investor call yesterday, PayPal revealed that it had more than 400 million active user accounts by the end of the second quarter, with $311 billion in total payment volume during that period.