A PayPal team dedicated to cryptocurrency in Ireland
In October 2020, PayPal announced that it was preparing to introduce the buying and selling of cryptocurrency for its US customers. Since then, the online payment giant has continued to roll out the red carpet for Bitcoin (BTC), Ether (ETH) and a few other cryptocurrencies.
A few days after the CEO of the company, Dan Schulman, confirmed that a “super app” dedicated to digital assets will be launched in the coming months, is the team of this future mobile application in the process of to be incorporated?
An Irish media outlet claims that PayPal is in the process of building a team entirely dedicated to cryptocurrency and which would be based in its Irish offices in Dublin and Dundalk.
Among those recruited or who are ready to be recruited, we find in particular specialists in compliance with anti-money laundering and terrorist financing legislation, all integrated into the Blockchain, Crypto and Digital Currencies department (Blockchain, Crypto & Digital Currencies, BCDC) from PayPal. In addition, we still find on the PayPal site some job offers in Ireland including the term “crypto”.
👉 On the same topic – PayPal increases its cryptocurrency purchase limit to $ 100,000 per week
PayPal continues to adopt cryptocurrency
For the cryptocurrency industry, these latest PayPal announcements come as no surprise. The BCDC department was launched at the beginning of the year to support the involvement of the American company in this area, an involvement primarily intended for its local customers.
The possibility of buying and selling BTC and altcoins, purchasing goods or services in cryptocurrency and withdrawing these same crypto-assets to external wallets is now a reality for its American customers.
Dan Schulman is a strong advocate for digital currencies and works to ensure that PayPal continues its growing adoption that began in the fall of 2020. Last April, he said in an interview with Time that bank cards would potentially disappear in ten years and that the demand for cryptocurrencies at PayPal was greater than initially expected.
👉 To read – PayPal: cryptocurrency payments are coming to merchants soon
PayPal’s revenue is doing well, in part thanks to cryptocurrencies
The second quarter of the year 2021 saw PayPal’s revenue increase by 19% compared to the second quarter of the year 2020. In addition, the total volume of payments was $ 311 billion on the same period, an increase of 40%.
These good results are in part the result of the Venmo payment app, which is owned by PayPal. Having introduced cryptocurrency payments last April, Venmo has seen its transaction volume grow by 58% to $ 58 billion between 2020 and 2021.
There is no doubt that these good results will encourage PayPal and Dan Schulman to continue their growing adoption of cryptocurrencies. Perhaps by quickly enabling its customers outside the United States to be able to purchase digital assets, starting with the United Kingdom?
👉 On the same subject – PayPal could generate a turnover of 2 billion dollars thanks to Bitcoin
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About the author: Benjamin Allouch
Lawyer specializing in digital law and personal data. He quickly became interested in bitcoin and blockchain technology, and founded the blog bitcoin-blockchain.fr. He is interested in the emergence of blockchain law and the legal consequences of this technology.
All articles by Benjamin Allouch.