PayPal completes development of its own crypto wallet

Over the coming months, PayPal intends to launch its own cryptocurrency wallet in the United States. This was said by PayPal chief executive Dan Schulman рассказал during the Q2 2021 earnings call.

According to Bloomberg, at February’s Investor Day Schulman said PayPal plans to turn its app into a financial super app — the equivalent of Alipay and WeChat Pay. It could include investment services, products for high-yield savings accounts and check-cashing features, as well as other tools.

In March, in an interview with Decrypt, the head of the payments company said that with the launch of the new app PayPal expects to go beyond the familiar “buy, sell and hold” in the crypto-related business.

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During the earnings call Schulman said that the company’s engineers have completed the codebase for the “initial version” of the digital wallet, which will be integrated into the super app. He said PayPal intends to roll out the service across the United States “in the coming months.”

The CEO noted that the wallet would include a messaging option and “additional cryptocurrency capabilities.”

As of June 30, PayPal had more than 400 million active users, and total transaction volume in Q2 stood at $311 billion.

The company’s mobile payments service Venmo, which in April added cryptocurrency support, processed transactions totaling $58 billion in the period. It has around 76 million active accounts.

“We are one of the few payment companies that allow consumers to use cryptocurrency as a funding source. We are also seeing growing adoption and trading of digital assets on Venmo,” added Schulman.

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Since November 2020, PayPal has allowed its customers to buy, sell and store cryptocurrencies, and since March 2021 also to pay for purchases with them at partner stores.

In July, the company announced an increase of the crypto-purchase limit for US customers from $20,000 to $100,000 per week.

In May, PayPal said it would enable users to withdraw digital assets to external wallets.

In March, the company confirmed plans to acquire the Curv cryptocurrency storage infrastructure provider. The deal was expected to close in the first half of 2021.

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