PayPal’s crypto ‘super app’ set to roll out soon

Payments provider company PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform. 

During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal CEO said the company planned for the wallet to be fully ramped in the United States in the next several months.

The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities” and more. Schulman said each wallet would be “unique, driven by advanced AI and machine learning capabilities.”

PayPal reported that it had more than 400 million active user accounts as of June 30, with $311 billion in total payment volume for the second quarter of 2021. Venmo, the PayPal-owned payments firm, which launched crypto trading in April, had roughly $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.

“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.”

Related: PayPal users will be able to withdraw crypto to external wallets

Earlier this month, PayPal announced it would be increasing the limit on crypto purchases for certain users based in the U.S. from $20,000 to $100,000. The payments firm initially said it would be entering the crypto space in October 2020, later allowing eligible customers to use crypto for trading and payments.