PayPal CEO Dan Schulman said that a new “super app wallet” is being developed to provide customers with extra crypto capabilities
PayPal is allegedly planning to launch a “super app wallet” for its American users as part of its cryptocurrency efforts. According to the company, the new version will be accessible in the next months.
PayPal users now have access to more crypto capabilities.
During PayPal‘s Q2 2021 Earnings Call, the business’s Chief Executive Officer, Dan Schulman, stated that the company would improve its digital assets offerings by providing customers with an improved version of its program. It will be known as the “super app wallet,” which will provide extra crypto features, early access to direct deposit cash, and high-yield savings.
According to Schulman, the app’s coding is already complete. As a result, the “supper app wallet” will be available in the coming months. At first, only users in the United States will be able to use the service.
He also stated that each account would be unique, owing to sophisticated machine learning and artificial intelligence capabilities.
“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.”
Digital Assets Aid PayPal‘s Performance
PayPal’s revenue in Q1 2021 exceeded forecasts in May, totaling more than $6 billion. Interestingly, CEO Dan Schulman stated that cryptocurrencies were the main driving force behind the outstanding performance, stating, “We’ve had a huge amount of very amazing outcomes going on tactically with our crypto initiatives.”
The CEO said at the time that the platform’s crypto-trading customers had shown a strong interest in digital assets, with at least half of them opening PayPal accounts regularly.
In addition, one of the companies it owns, Venmo, now has support for digital assets. PayPal’s assistance allowed its more than 70 million customers to purchase, trade, or hold a variety of virtual assets, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).