Posted 2 months ago | by Catoshi Nakamoto
Popular payments giant PayPal has announced a new “super app” that will feature “additional crypto capabilities,” ready to roll out in the U.S. in the next few months.
Paypal revealed its planned crypto “Super App” during its Quarter 2 2021 investors’ call. PayPal CEO Dan Schulman announced that the new app would have “unique” technology, including “AI and machine learning capabilities” – as well as new features “outside the P2P” payments sphere “to enable family and friend communications as well as additional crypto capabilities.” However, Schulman didn’t expand on what “capabilities” would be in the app.
Schulman didn’t give an exact date for the rollout of the app. However, he said it would be in the next couple of months.
“We are now beginning to slowly ramp. In the next several months we plan to be fully ramped in the United States.”
Paypal highlighted that it was “one of a few payments companies to allow consumers to use cryptocurrency as a funding source.”
The payment giant added that it was also working on a way to allow users to make transfers to third-party wallets off the platform and incorporate compliance i.e. KYC.
“We really want to make sure that we create a very seamless process for taxes and tax reporting. We’re really looking at how to integrate that into both the trading and the ‘buy with crypto’ [feature] on our platform.”
PayPal is further “thinking about what the next generation of the financial system looks like” and how they can “help shape that” future. Paypal added it was working with regulators and central banks, and “looking at” “central bank-issued digital currencies.”
During a Q3 2020 earnings call Paypal has previously mentioned that it would explore adding central bank digital currencies, in addition to enabling users the ability to buy and sell —Bitcoin, Litecoin, Bitcoin Cash, and Ethereum.
PayPal’s chief executive previously announced that through its scale and influence the company will “help shape the utility of [CBDCs],” including facilitating interoperability with existing payment barriers and promoting acceptance among merchants. Shulman also explained that the legacy financial system was “not working” for ordinary people.
“I do think that our platform and all the new digital infrastructure that we’re putting in place right now can help make that management and movement of money more efficient, less expensive, and faster.”
Schulman insisted that “getting money to people much faster” had become a priority of the company.
Paypal’s call additionally had comments about DEFI, with the company stating that “there are some interesting DeFi applications.”
In addition, Paypal noted it is “seeing strong adoption and trading of crypto” on its Venmo platform as well.
As Bitboy Crypto detailed with immense research, it’s important to mention that PayPal has been active in the crypto space since as early as 2014. At the time, the company partnered with three bitcoin payment processors, including Coinbase, which allowed merchants in its network to accept Bitcoin as payment.
PayPal has a longstanding relationship with Coinbase, going back as early as 2014. Then two years later in 2016, Coinbase integrated, Paypal and credit cards. In 2018, Coinbase made instant fiat withdrawals to PayPal available for U.S. customers. A service that became available to European Coinbase users in 2019, followed by users in Canada, and support continues to be added for other countries.
Bitcoin is currently trading at [FIAT: $39,784.10] DOWN -0.6% in the last 24 hours according to Coingecko at the time of this report.