Online payment giant PayPal has announced that it will soon unleash its crypto super app wallet. According to the company’s CEO Dan Shulman, the beginning part of PayPal’s crypto super app wallet was already code complete.
PayPal’s Crypto Super App to Run on Advanced AI and Machine Learning Capabilities
PayPal held a Q2 2021 investor update yesterday where it revealed the news. PayPal users will soon be able to enjoy appreciable crypto functionality through the online payments provider. PayPal is promising a super app wallet that will function on advanced AI and other machine learning capabilities.
Some of the features on PayPal’s crypto super app are high-yield savings, early access to direct deposit funds, and message functions. Payments provider PayPal also mentioned “additional crypto capabilities” to be part of the super app. As alluring as that sounds to crypto enthusiasts, PayPal’s CEO Dan Schulman did not go into details and specified what these capabilities were.
Online payment giant PayPal will initialize the launch of the crypto super app wallet to customers in the United States only. At the beginning of July, PayPal again increased the limit of crypto purchases for a section of U.S. customers from $20,000 to $100,000 weekly.
PayPal Pioneered in Enabling Crypto as a Funding Source
Payments provider PayPal first hinted at entering the cryptocurrency scene in October 2020. The company pioneered in enabling cryptocurrency as a funding source for its users. Its company Venmo introduced cryptocurrency services back in April. According to PayPal’s CEO stated that there was a strong adoption and trading of crypto observed on Venmo.
PayPal-owned Venmo reported an attractive total payment volume of $58 billion during that quarter. In the same quarter, PayPal reported having 400 million active users and a total payments volume of $311 billion. Online payments giant PayPal will be introducing crypto services to these millions of customers.
