As the demand for cryptocurrencies grows and the trend of crypto is plummeting with the digital era, payments giant PayPal is hiring more than 100 crypto-related employees. PayPal’s CEO recently discussed the company’s growth goals, saying, “We continue to be incredibly delighted with the momentum we’re seeing on crypto, and we’re bringing incremental functionality into that.”
Cryptocurrency development and expansion for PayPal appear to be on the rise. “The initial version of the new super consumer wallet app has the whole code and now they are slowly starting to scale up as quoted by,” CEO Dan Schulman during the company’s second-quarter earnings call. “High-yield savings, early access to direct deposit cash, new account features”.
What Are The Changes Have They Opted Out For?
-Hiring More Than 100+ Employees
As the firm prepares to expand its crypto offerings, Paypal is hiring more than 100 crypto-related employees. At the time of writing, there are at least 102 job positions connected to bitcoin and blockchain technology listed on the company’s website. The positions range from crypto engineering managers, program managers, strategy managers, and blockchain AML analytics managers, to investigators, operations managers, crypto investigations specialists, crypto tax reporting managers, and crypto legal directors.
-Increasing The Limit
The corporation also increased the yearly cap on bitcoin purchases to $ 100,000 and the weekly limit to $ 100,000 last month. The increases were significant; the previous weekly and annual limits were $ 20K and $ 50K, respectively. These developments appear to be the start of PayPal’s more aggressive crypto initiatives.
-Launching Their Super App
They want to build a “super app” for consumers to manage payments, shopping, savings, investing, budgeting, crypto, and identity — all in one place.
As of June 30, PayPal had over 400 million active user accounts, with $311 billion in total payment volume during the second quarter of 2021. With 76 million active accounts, Venmo, the PayPal-owned payments company that introduced crypto trading in April, had around $58 billion in total payment volume in the second quarter of 2021.
They want to ease the transaction for their users and want the maximum audience to use their super app feature.
Paypal Digital Wallet
To enhance customer understanding and adoption of cryptocurrency, PayPal is introducing the ability to buy, hold, and trade several cryptocurrencies directly within the PayPal digital wallet, starting with Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
-Exploring New Financial Infrastructure in Crypto
PayPal has been exploring the potential of digital currencies through collaborations with licensed and regulated cryptocurrency platforms as well as central banks around the world, in addition to delivering these key cryptocurrency services. PayPal has boosted its attention and resources over the last five years.
-Owning Their Own “Expedited Virtual Currency Transaction System”
PayPal kept its nose in the crypto field, filing a patent application for an “Expedited Virtual Currency Transaction System” with the United States Patent and Trademark Office (USPTO) in 2018. By constructing secondary wallets that swap private keys attached to a certain quantity of a particular coin, the suggested approach would reduce transaction times.
The present disclosure’s systems and techniques virtually decrease the length of time a payee needs to wait to know if they will receive a virtual currency payment… by transferring to the payee private keys that are contained in virtual currency wallets that are connected with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.
Adding all these features will likely include “high-yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications” and more. This will enlarge the brand value of the company and will also open many other gateways to flourish.