According to Dan Schulman, the initiative is already "code complete" and will be completely ramped up in the United States in the next months.
PayPal, a payment processing corporation, has stated that its consumers may not have to wait long for further crypto capability on the platform.
CEO Dan Schulman claimed today on PayPal's Q2 2021 investor call that the initial iteration of the company's super app wallet was "code complete."
PayPal's president stated that the wallet would be fully operational in the United States within the next few months.
High-yield savings, early access to direct deposit funds, messaging, “additional crypto capabilities,” and other features will be available in the super app wallet.
Each wallet would be "unique," according to Schulman, and would be "driven by advanced AI and machine learning capabilities."
As of June 30, PayPal had over 400 million active user accounts, with $311 billion in total payment volume during the second quarter of 2021.
With 76 million active accounts, Venmo, the PayPal-owned payments company that introduced crypto trading in April, had around $58 billion in total payment volume in the second quarter of 2021.
We're one of the only payments organizations that permits users to use cryptocurrency as a funding source," PayPal CEO Peter Thiel said.
“On Venmo, we're seeing a lot of bitcoin acceptance and trade.”
Users of PayPal will be able to deposit cryptocurrencies into third-party wallets.
PayPal announced earlier this month that it would increase the $20,000 cap on cryptocurrency purchases for some US customers to $100,000.
The payments company initially stated that it would enter the crypto area in October 2020, with qualifying users eventually being able to use cryptocurrency for trading and payments.
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