PayPal, the world’s largest payments company, has begun assembling a small staff in Ireland to assist with its cryptocurrency venture.
Last year, PayPal began supporting cryptocurrencies such as bitcoin. It was a big step forward for cryptocurrencies, with the major payments company allowing its users to buy, trade, and use digital currencies to make purchases.
PayPal has begun hiring for cryptocurrency-related employment in roles including compliance and anti-money laundering checks throughout its Dublin and Dundalk locations. Roles in PayPal’s blockchain, crypto, and digital currencies (BCDC) business unit, which supports the payment giant’s cryptocurrency activities, are among them.
Support The Expanding Market Of Cryptocurrency
PayPal established a specialized crypto and blockchain business unit earlier this year to assist its entrance into cryptocurrencies, which began in October 2020 with the purchase of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) by clients in the United States (LTC). The company expanded its offering in March of this year, allowing US clients to pay for products and services with their digital asset holdings. PayPal said two months later that clients would be able to withdraw their cryptocurrency to third-party wallets.
Opening Up New Employment Portals
PayPal’s jobs portal listed crypto-related job positions in Dublin and Dundalk as of August 1. Financial crime investigations and client protection are regarded as responsibilities of one post. The hiring will include positions in PayPal’s blockchain, crypto, and digital currencies business unit. When PayPal announced the formation of the business unit in March, Chief Executive Dan Schulman told “There is a ton of opportunity for us to help create that next generation of infrastructure. That’s what this business unit is about.”
PayPal has announced that beginning this week, UK users will be able to trade bitcoin and other cryptocurrencies. Users will be able to purchase, sell, and hold bitcoin, bitcoin cash, Ethereum (ether), and Litecoin, as well as follow prices and access educational content about the cryptocurrency industry, through the online payments giant. The statement has aided in the resurgence of the cryptocurrency business, with bit.ly leading the way.
Encouraging Digital Assets
PayPal launched cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.
The company hoped its foray into the new asset class would encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.
Offering Wide Range Of Services
Customers can choose from four types of cryptocurrencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. By accessing their PayPal account via the website or the mobile app, they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.
PayPal is one of the largest companies globally to enter the market for digital currencies with its announcement last October that it would allow its millions of U.S. customers to buy, hold and sell cryptocurrencies. This March, the company announced ‘Checkout with Crypto’— enabling customers in the U.S. to use their cryptocurrency alongside other payment methods in their PayPal wallet to make purchases at businesses around the world. In April, the company introduced crypto services on its mobile payment service Venmo in the U.S.
Beyond its support for cryptocurrency in its apps, PayPal’s venture capital arm has also made a number of investments in crypto and the blockchain over the past months, including by participating in the $14 million Series A for cryptocurrency risk management software TRM Labs; in the $40 million Series A for digital asset trading infrastructure company Talos; and in the $100 million Series A for crypto tax software company Tax Bit.