PayPal’s encrypted ‘super app’ will be released soon

PayPal’s encrypted ‘super app’ will be released soon

Earlier this month, PayPal announced it would be increasing the limit on crypto purchases for certain users based in the United States 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.

“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.” 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. The firm also added 14.5 million new active accounts, bringing its user base to 392 million. 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.

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

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