PayPal will reportedly take another step in its cryptocurrency endeavors and roll out a “super app wallet” for its American users. The company will launch the upgraded version in the upcoming months.
Additional Crypto Capabilities for PayPal Clients
The Chief Executive Officer of the company – Dan Schulman – revealed during PayPal’s Q2 2021 Earnings Call that the firm would enhance its digital assets services by offering its users an upgraded version of its application. Named the “super app wallet,” it will provide “additional crypto capabilities,” early access to direct deposit funds, and high yield savings.
Schulman assured that the app is already “code complete.” The US corporation plans to roll out the “supper app wallet” in the next several months. In the beginning, the service will be available only for American users.
He also said that each account would be “unique, driven by advanced Al and machine learning capabilities.”
Recently, PayPal raised its limit on digital assets purchases. As a result, registered customers are now able to buy up to $100,000 in cryptocurrencies per week with no further monthly or yearly limits:
“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit.”
PayPal’s Performance Helped by Digital Assets
As CryptoPotato reported in May, PayPal’s revenue surpassed expectations at over $6 billion in Q1 2021. Interestingly, the CEO Dan Schulman said that the major driving force behind the impressive results were cryptocurrencies:
“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”
Back then, the executive added that the crypto-trading users of the platform have been showing huge interest in digital assets as at least half of them open their PayPal accounts daily.
Additionally, the company added digital asset support for one of the entities it operates – Venmo. Via PayPal’s help, the mobile payment service firm enabled its more than 70 million users to buy, sell, or hold several virtual assets such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).