Cryptocurrency appears to have positively contributed to the revenue growth of PayPal, which has announced its intention to expand and increase its crypto-related endeavors, as it will launch a superior digital wallet for its American users.
The company will launch the upgraded version of its cryptocurrency digital wallet in the coming months.
Offering additional crypto benefits to PayPal customers:
Dan Shulman, CEO of PayPal, revealed during PayPal’s earnings announcement for the second quarter of 2021 that the company will enhance its cryptocurrency services by offering an upgraded version of its app to its users.
The app in progress has been dubbed the Super App Wallet, and this wallet will provide additional crypto capabilities, from early access to direct deposit funds and various other features…
Shulman confirmed that the application had already been programmed.
The American company plans to launch a super portfolio in the next several months.
Initially, the service will only be available to US users.
He also said that each account will be unique, driven by advanced machine learning and machine learning capabilities.
Recently, PayPal raised its limits on cryptocurrency purchases.
As a result, registered customers can now purchase up to $100,000 in cryptocurrencies per week with no monthly or yearly limits, Schulman added:
As part of our efforts to meet the changing needs of our customers, we are pleased to announce that we have recently increased the cryptocurrency purchase limits for eligible PayPal customers in the United States to $100,000 per week with no annual purchase limit.
Positive performance of PayPal through cryptocurrencies:
PayPal’s revenue exceeded expectations by more than $6 billion in the first quarter of 2021.
CEO Dan Schulman noted that the main driving force behind the great results was cryptocurrency, commenting on this by saying:
We’ve got a huge amount of really great results from a tactical point of view with our crypto efforts.
At the time, the executive added that cryptocurrency trading users of the platform showed great interest in cryptocurrencies as at least half of them open their PayPal accounts daily.
Additionally, the company has added cryptocurrency support for one of the entities it manages, Venmo.
With the help of PayPal, mobile payment service company Venmo has enabled more than 70 million users to buy, sell or hold various cryptocurrencies such as:
Bitcoin, Ethereum, Bitcoin Cash, Litecoin…