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PayPal said its users may not have to wait much longer for greater crypto-currency functionality on its platform.
During PayPal’s Q2 2021 conference call with investors, CEO Dan Schulman said the code for the initial version of the company’s super wallet app is complete. The PayPal CEO said the company plans to fully roll out its crypto-currency wallet in the U.S. in the coming months. No dates have been communicated for Europe and France in particular. But we can reasonably assume that during 2022 this possibility will be deployed in France.
The development of this mobile wallet is part of PayPal’s policy to offer more and more crypto services. As a reminder, PayPal was one of the first major players to take the crypto step. In October 2020, the firm had announced to open its services to Bitcoin (BTC) and Ethereum (ETH).
The success is no longer to be proven. At the end of June, the company counted more than 400 million users. This represents an estimated payment volume of $311 billion by Q2 2021. Venmo, on the other hand, is a company owned by PayPal and has been offering crypto trading since April 2021. The firm recorded payment volume of around $58 billion for Q2 2021 with over 76 million active accounts.
The “super wallet” will offer high-yield savings, early access to directly deposited funds, messaging capabilities, “additional crypto-currency capabilities” and more Dan Schulman said that each wallet would be “unique, powered by advanced AI and machine learning capabilities”.
PayPal said it had more than 400 million active user accounts as of June 30, with $311 billion in total payment volume in Q2 2021. The company also added 14.5 million new active accounts, bringing its user base to 392 million. Venmo, the PayPal-owned payment company that enabled the buying and selling of cryptocurrencies in April, recorded about $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.
“We are one of the few payment companies that allow consumers to use cryptocurrencies as a source of funding,” said PayPal’s CEO. “We are also seeing strong adoption and trading of crypto-currencies on Venmo.”
Earlier this month, PayPal announced that it would increase the limit on crypto-currency purchases for certain U.S.-based users from $20,000 to $100,000. The payment company initially said it would enter the crypto space in October 2020, and would later allow some customers to use crypto-currencies to trade and make payments.