PayPal to Introduce a Cryptocurrency App

PayPal has announced it is preparing to launch a cryptocurrency app that will offer consumers numerous features designed to appeal to a broader range of users of digital currency. During the company’s Q2 2021 earnings call, CEO Dan Schulman said that the smartphone app’s code has been done and that it would be released in the American market within 2021. Whether they then take this service overseas remains to be seen.

Schulman provided a brief outline of its “crypto capabilities” such as messaging, direct deposit funding, high yield savings, and much, much more.

PayPal also explained that the company had some 400 million active users in the quarter and that $311 billion USD in total payments were carried out during the period. PayPal similarly announced that it’s going to bump the limit on crypto payments to $100,000 in the US, where the current rate is $20,000. As PayPal seeks to adopt more crypto-friendly options, more people are turning to digital currencies for multiple uses and purposes.

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