Paypal crypto “super app” is being launched very soon says CEO Dan Shulman.
Payment provider PayPal says users don’t have to wait for more crypto features to appear through the platform.
CEO Dan Shulman told PayPal Q2 2021 Investor Update Wednesday, that the companies first version of the companies SuperApp wallet is coded and complete.
The PayPal CEO said the company plans to fully expand its US wallet in the coming months.
The SuperApp wallet features will include , early access to direct deposit funds, very high yielding savings account, capabilities for messaging, well developed cryptographic and much more features .
Thanks to artificial intelligence and advanced machine learning, each wallet will be “unique”, Schulman said.
PayPal reported that they had over 410 million active user accounts as of late June , with a total payout for the second quarter of 2021 of over $30 billion.
PayPal owned Venmo, in April trading cryptocurrencies, paid out about $57 billion in the second quarter of 2021 with 75 million active accounts.
The CEO of PayPal said, We are one of the few payment companies that allow consumers to use cryptocurrency as a source of funding.
Earlier this month, PayPal announced that it would raise the cryptocurrency purchase limit for certain US users from $ 20,000 to $ 100,000.
The payments company initially announced that it would enter the cryptocurrency sector in October 2020, allowing eligible customers to use cryptocurrencies for transactions and payments.