PayPal will introduce a cryptocurrency super app wallet to ensure additional crypto capabilities according to the reports that we have in our latest cryptocurrency news today.
PayPal’s CEO Dan Schulman announced that a new super app wallet that will ensure additional crypto capabilities for the users. PayPal will take another step in its crypto endeavors and will roll out a “super app wallet” for all American users and the company will launch the upgraded version in the next few months. The chief executive officer Dan Schulman revealed during the PayPal Q2 2021 Earnings Call that the company will enhance its digital asset services by offering the users an upgraded version of the application. Named the Super App Wallet it will provide more crypto capabilities and early access to the direct deposit funds and high yield savings.
Schulman assured that PayPal will introduce the new wallet as the code is complete, and will be launched in the next few months. In the beginning, the service will be available only for American users. He said that each account will be unique and driven by advanced AI and machine learning capabilities. PayPal raised the limit on digital assets purchases and as a result, registered customers are now able to purchase $100,000 in crypto per week with no more monthly or yearly limits:
“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit.”
PayPal’s revenue surpassed its expectations at over $6 billion in Q1 2021 and the CEO even said that the major driving force behind the strong results was actually crypto:
“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”
The executive added that the crypto-trading users of the platform were showing huge interest in digital assets at least half of them opening their PayPal accounts daily. The company added digital asset support for one of the entities that it operates-Venmo. With PayPal’s help, the mobile payment service company enabled its more than 70 million users to buy, sell and hold a few assets like BTC, Bitcoin Cash, Ethereum, and Litecoin.
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