Dan Schulman said the project was already “code completed” and intended to be ramped in the United States in the next few months.
Payment provider company PayPal said its customers do not have to wait for longer to have the greater crypto functionality throughout the system.
During PayPal’s Q2 2021 investor update call today, CEO Dan Schulman stated the first version of the business’s super app wallet was “code complete.” The PayPal president claimed the firm prepared for the wallet to be ramped in the United States in the following number of months.
The super app wallet will certainly include high return cost savings, early access to direct deposit funds, messaging capacity, “additional crypto capabilities,” and much more. Schulman said each wallet would certainly be “unique, driven by advanced AI and machine learning capabilities.”
PayPal reported that it had more than 400 million active individual accounts as of June 30, with $311 billion in overall payment volume for the 2nd quarter of 2021.
Venmo, the PayPal-owned payments company which introduced crypto trading in April, had about $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.
” We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal Chief Executive Officer. “We’re also seeing strong adoption and trading of crypto on Venmo.”
Previously this month, PayPal revealed it would be boosting the limit on crypto purchases for certain customers based in the United States from $20,000 to $100,000.
The payments firm at first claimed it would be getting in the crypto area in October 2020, later enabling eligible customers to make use of crypto for trading as well as payments.