- PayPal is ready to launch its upgraded Bitcoin wallet with additional crypto-related facilities
- The upcoming application would offer early access to direct deposit funds and high yield savings
- Each wallet will be powered by advanced artificial intelligence and machine learning capabilities
- The buy and sell service of cryptocurrency could expand to the UK within the month
PayPal had inserted its toes last year in the crypto world, after when the price of Bitcoin began to skyrocket. The payments giant aims to allow its users to buy and sell Bitcoin and other digital assets using its platform. Dan Schulman, the CEO of the payments giant, has recently announced that the firm is ready to take another step in its cryptocurrency endeavors. PayPal’s American users will soon witness a new super app wallet that will ensure additional capabilities related to cryptocurrencies.
PayPal integrates additional crypto capabilities
Earlier this year, PayPal introduced crypto services on its platform for United States users. Recently, in the Q2 2021 Earnings Call, the CEO of the firm revealed that it would enhance its digital assets services by offering its users an upgraded version of their application.
Additionally, PayPal’s CEO mentioned that the application entitled “super app wallet” would offer early access to direct deposit funds and high yield savings. Schulman further assured that the application coding is already completed.
What additional crypto options will be implemented?
In the Q2 2021 Earnings Call, it was revealed that the super app wallet that is intended for cryptos such as Bitcoin and Ethereum would contain a number of new functions. Among the features, the users will see options for high-interest savings, access to direct deposits, messaging service to chat with extra crypto functionalities.
According to Schulman, each of the wallets will be unique and powered by advanced artificial intelligence and machine learning capabilities. However, what exact extra features are and what AI add-ons have been integrated are yet to be cleared.
PayPal’s crypto services will expand to the UK
In Q1 2021, PayPal has announced that soon they will be expanding their crypto services to the United Kingdom. Notably, in the recent Q2 2021 Earnings Call, Schulman has mentioned that the buy and sell cryptocurrency service could expand to the UK within the month. Furthermore, PayPal’s CEO added that the firm is clearly thinking about the next generation of the financial ecosystem.
Payments giant raised the limit on crypto purchases
Mid this month, PayPal has reportedly raised its limit on cryptocurrency purchases. At the time, it was revealed that the registered users of the global payments platform could buy up to $100k in digital assets per week. Moreover, they removed other monthly and yearly limits.
According to Schulman, as a part of the firm’s efforts to meet the ever-changing needs of their clients, they are pleased to raise the purchase limits of crypto. He also highlighted that the limit had been raised for eligible clients in the United States.
PayPal’s revenue soaring with the help of cryptos
In May, PayPal announced that its revenue surpassed above expectations at more than $6 billion in the first quarter. The firm has noted that the primary driving force behind the impressive results in revenue was the help of digital currency integration. In addition, Schulman mentioned that the payments giant had got a tremendous amount of really great results going on tactically with their virtual assets efforts.