PayPal Completes Development of its Own Crypto Wallet
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.
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.”