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

Published at: July 28, 2021

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.

Tags
Business
Cryptocurrencies
Paypal
Payments
Wallet
Bitcoin Wallet
Related Posts
PayPal users will be able to withdraw crypto to external wallets
PayPal’s embrace of cryptocurrencies appears to be growing after the payments provider revealed that it will allow users to withdraw their digital assets to third-party wallets. The news, which was reported by Reuters Wednesday afternoon, comes just seven months after PayPal first enabled crypto purchases on its platform. At the time, the decision was heralded as a major milestone in mainstream recognition of digital assets. The Wednesday announcement means PayPal users will be able to send their cryptocurrencies to other wallets instead of just holding it on PayPal or selling it into fiat currency for withdrawal. However, neither Reuters nor …
Business / May 26, 2021
Reality show is casting crypto users locked out of their wallets
A casting call for a cable network series may offer crypto users at the end of their rope a way to access tokens locked away — or at least show viewers some of the options available to them. In a LinkedIn post from last month, casting director Jessica Jorgensen called on crypto users who have forgotten their passwords — and presumably their seed phrases — or lost their private keys to wallets with the clock ticking. The series offers consultations from cryptocurrency and cybersecurity experts to help users recover access to their funds. However, it seems participants must be prepared …
Business / July 7, 2021
PayPal purchases digital asset security firm Curv
Payments giant PayPal has acquired Israel-based digital asset security firm Curv for an undisclosed amount. According to PayPal, the firm purchased Curv as part of its initiative to support cryptocurrencies and digital assets. The platform said it plans to complete the acquisition before the third quarter of 2021, but did not disclose the purchase amount. Israel-based media outlet Calcalist said last week that Curv may have sold for between $200 million and $300 million, with CNBC reporting on Monday that “The deal is worth less than $200 million.” "The acquisition of Curv is part of our effort to invest in …
Business / March 8, 2021
Wall St drives PayPal to all time high on Bitcoin news
PayPal (PYPL) reached $215.87 on Oct. 21, a few dollars past its previous all-time high of $212.38, set on Sept. 2, 2020, according to data from TradingView. This price action came shortly after the payments company announced that it would soon be including crypto assets on its platform. PayPal plans to integrate Bitcoin (BTC), Etheruem (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) offerings into its network. Opening the trading day at $206.20, PayPal quickly rose past its all-time high, but just barely — breaching the level by about $0.14. The asset subsequently fell lower before breaking the previous high with …
Business / Oct. 21, 2020
Opera Browser Enables Apple Pay and Debit Card Crypto Purchases in the US
Opera’s mobile and desktop browsers are expanding cryptocurrency purchases to U.S. users, as the Norwegian company looks to continue building its Web 3.0 credentials. Through a partnership with Wyre, a U.S.-licensed money transmitter in the cryptocurrency sector, Opera will enable U.S.-based customers to buy Bitcoin (BTC) and Ether (ETH) directly from the browser’s crypto wallet. Android users can use debit cards, while Apple iOS device users can purchase using Apple Pay. Purchasing via the mobile browser — branded Opera for Android, or Opera Touch in the Apple App Store — has been open to residents of Sweden, Denmark and Norway …
Adoption / March 17, 2020