PayPal All Set For Rolling Out Yet another Crypto-Application
PayPal has announced that its users are going to have yet another surprise from the platform in the coming days. The firm has revealed that soon, it will be offering much more functionalities to the users in terms of cryptocurrencies.
Since October of 2021, PayPal has been very active inside the cryptocurrency space and has been making one announcement after another. The firm has introduced several services as well as products to its users in order to bring more exposure to the crypto-verse.
Initially, PayPal announced its users to trade in major cryptocurrency assets through its platform. The major crypto-assets the users have access to at PayPal include Bitcoin, Ether, Litecoin, and other major digital assets.
However, PayPal only provided a limited number of services and options to the users since it went pro-crypto. Since the beginning of 2021, PayPal has become more detailed and has explored more into the cryptocurrency industry.
It was last Wednesday, July 28, 2021, when PayPal had held its investor update call for the second quarter of 2021. The particular investor update call was held by Dan Schulman, the chief executive officer at PayPal.
At the conference, Dan Schulman briefed the investors about the super application wallet that they had been working on since the start of 2021. Schulman stated that their new application for the cryptocurrency wallet is finally complete.
Schulman stated that they are planning to launch the super application wallet in the upcoming months. Initially, they are aiming to launch the application in the United States. This means that the company is going for the initial rollout of the application in the native country.
Initially, the application will be launched in the United States to gather information and feedback from the users around the app’s functionalities. If the application turns out to be a success and they gather promising feedback from it, they would proceed with the global rollout of the application.
Schulman also shared some information about the major functionalities of the application. Some of the major functionalities would include the messaging capability, direct depositing of funds, and high yield savings. The application would also feature additional cryptocurrency capabilities as well as more products for the users.
Schulman also stated that the application would have several other advanced features such as advanced machine learning and artificial intelligence (AI) capabilities.
In the earnings call held back in early July, PayPal revealed it had more than 400 million users that were active on its platform. The firm revealed that these stats were collected towards the end of June 30, 2021. The firm is constantly making progress in the cryptocurrency trading sector and soon, it would compete with some of the major crypto-exchanges such as Binance, KuCoin, and Coinbase.