PayPal to Unveil Crypto ‘Super App’ in the Months Ahead

PayPal, the renowned payment processing firm, has stated that its consumers may not even have to wait too long for further crypto focused features on its platform. CEO Dan Schulman claimed today on PayPal’s Q2 2021 investor call that the debut variant of the firm’s super app wallet was “code complete.” PayPal’s president revealed that the wallet would be fully operational in the United States over the forthcoming months.

High-yield savings, quick access to straightforward funds deposit, sending texts, “added crypto functionality,” and other features will be available in the super app wallet. Every wallet would be “unique,” according to Schulman, and would be “powered by sophisticated Cognitive computing characteristics.”

At the end of June 30, PayPal has over 400 million active user accounts, with $311 billion in aggregate payment volume during 2Q21. With 76 million active accounts, Venmo, the PayPal-subsidiary focused on payments, started facilitating crypto trading in April, and generated about $58 billion in aggregate payment volume in 2Q21. The PayPal CEO stated, “We’re one of the countable payments firms that facilitate users to treat cryptocurrencies as a source of financing. We’re also seeing a lot of bitcoin adoption and transactions on Venmo.”

PayPal said earlier in July that it will raise the cap on cryptocurrency purchases for some US consumers from $20,000 to $100,000. The payments company previously stated that it will join the crypto market in October 2020, with qualifying clients subsequently being able to utilize cryptocurrency for trading and payments.