PayPal to Launch Crypto Wallet in Q3 This Year, CEO Reveals

Payment provider PayPal Holdings Inc. published its second-quarter financial report Wednesday. CEO of PayPal Dan Schulman said the company would launch a crypto wallet in the third quarter this year.

Speaking at the investor update call Wednesday, PayPal CEO Dan Schulman described the upgrade of the super app wallet as “code complete”. Per the coverage from FXStreet, PayPal Chief Executive Officer (CEO) Dan Schulman said, “a new ‘digital wallet’ product will be introduced in Q3 this year and believe that cryptocurrency will be critical to PayPal’s growth.

According to the Cointelegraph report, the new crypto wallet will feature high yield savings, early access to direct deposit funds, messaging capability, and crypto capabilities. “Each wallet would be unique, driven by advanced AI and machine learning capabilities,” Schulman emphasised.

PayPal’s owned mobile payment app-Venmo launched a new service in April to allow its clients to trade cryptocurrencies on its apps. Four hundred million active users during this quarter with US$311 billion in total payment volume, PayPal reported. The firm also said $58 billion in total payment volume for the quarter across 76 million active accounts.

The payment platform continues to expand its crypto-related business. Earlier this month, PayPal hired Jesse Spiro, a former Chainalysis head of policy and regulatory affairs, to be in charge of PayPal’s crypto division. Around two weeks ago, PayPal also strengthened its crypto function and experience to its clients. The company increased the limit of purchase of Bitcoin and other crypto-assets up to $10,000 weekly from $20,000, but also remove the annual purchase limit for qualified customers in the U.S, allowing to have more extensive accessibility on a crypto exchange. In May, senior management also revealed that the company would enable their customers to withdraw their digital assets to third parties.