PayPal has stated that it intends to greatly expand its crypto offerings.
PayPal users will soon be able to access a greater range of bitcoin services via the worldwide payment network. According to CEO Dan Schulman said at the company’s Q2 2021 investor update call yesterday.
Schulman stated the wallet upgrade as “code complete” and said that it should be completely available to consumers in the United States within the next several months. The new features will be “driven by advanced AI and other machine learning capabilities”, including high-yield savings, early access to direct deposit funds, and messaging capabilities.
Venmo, which is owned by PayPal, introduced bitcoin services on its platform in April and recorded a total payment volume of $58 billion for the quarter across 76 million active accounts. PayPal announced 400 million active users and a total payment volume of $311 billion during the third quarter.
PayPal recently boosted the weekly limit on crypto purchases for US users to $100,000 in order to provide clients with “greater choice and freedom” when it comes to utilizing their cryptocurreny on the platform.
Following a previous announcement by PayPal that it will allow crypto assets to be transferred to third-party wallets.
PayPal vice president Jose Fernandez da Ponte stated that he regarded payment systems as the “natural way” for central banks to distribute digital currencies in the future. He also argued that, despite PayPal’s fees, which some users have criticized as excessive, private payment channels may assist governments in delivering stimulus, which had become a major worry during the height of the Covid-19 outbreak.
Also Read: The Israeli Government Proposed New Tax Law For Crypto Holders.
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