PayPal announces its own cryptocurrency wallet for the next few days

PayPal announces its own cryptocurrency wallet for the next few days

PayPal will have its own cryptocurrency wallet.

Photo: ERIC PIERMONT / AFP via Getty Images). / AFP / Getty Images

The leading online payment company, PayPal announced that they will probably implement their own wallet for the next few days so that users can make transactions with cryptocurrencies without having to go through another platform.

The information was given by PayPal CEO Dan Schulman himself during a conference call with investors. And he assured that the code of the wallet application was already completed and the idea is that in the coming months it will be implemented throughout the United States.

Schulman explained that Each wallet will be unique and will feature: early access to deposited funds, high-yield savings, messaging capabilities, and additional cryptocurrency capabilities.

By June PayPal claimed to have more than 400 million active user accounts, with a total volume of payments of $ 311 billion dollars as regards the second quarter of this 2021.

On the other hand, Venmo, also owned by PayPal, enabled the purchase and sale of cryptocurrencies in the second quarter of the year, with a total volume of payments of approximately $ 58 billion dollars and 76 million active users.

In this regard, the CEO of PayPal said that they are “seeing strong adoption and trading of cryptocurrencies on Venmo.”

PayPal opened cryptocurrency trading in the United States in November 2020 and in March 2021 the PayPal platform activated the “Checkout with Crypto” service, which allows users in the United States to pay in cryptocurrency merchants, and in turn merchants They will not receive those cryptocurrencies but their equivalent in dollars.

And at the end of May, the digital payments giant announced that it will allow its customers to withdraw cryptocurrencies from their wallet to transfer it to another wallet if they wish. The announcement was made by José Fernández da Ponte, Managing Director of Blockchain, Crypto and Digital Currencies at PayPal.

“We want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

Da Ponte explained, at that time, that since PayPal did not allow its users to move their cryptocurrency holdings off the platform but only to buy, the vision was to be as open as possible with customers and for them to decide what to do with their cryptocurrencies.

And now Schulman announces the implementation of this PayPal wallet, as one more example of the confidence he has in virtual money. To the point that the platform manager has mentioned on several occasions that he is sure that “at some point they will stop using cash, to only use virtual money.”


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