PayPal created lots of buzz early this year when they announced to launch Bitcoin and a handful of other cryptocurrencies on their platform. As of today, people in the US can now buy or sell crypto instantly directly through their PayPal account.
Even though cryptocurrencies are easily available on PayPal US, the app it supports does not offer much functionality.
Dan Schulman, the CEO of PayPal, addressed this issue on Wednesday and assured PayPal users that their “Super App” with improved functionality and advanced wallet is not far from launch.
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What is PayPal Super App?
The PayPal Super App will be an advanced version of its current crypto app. The new version will offer better functionality and improved features. These features will include high yield savings, in-app messaging, direct funds deposit, and some other crypto features.
CEO Dan Schulman addressed this matter during the Q2 2021 investor update call and revealed that the coding for the app has already been completed. He also mentioned that the app would start rolling out in the USA in the next few months.
PayPal also reported that it has over 400 million active users, and this app will make Bitcoin and other cryptocurrencies more accessible to these users. PayPal’s payment firm Venmo that launched crypto trading not a long ago is also performing quite well.
“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source. We’re also witnessing strong adoption and trading of crypto on Venmo.” said Mr. Schulman.
The platform is also increasing payment limits for crypto in the US gradually. Certain users can now make purchases of up to $100,000.
PayPal to Expand Crypto Buying and Selling to the UK
During the investor update call, it was also mentioned that crypto would be available to UK customers very soon. PayPal announced that they would be adding this functionality to their Venmo platform, and that could give more crypto exposure to UK citizens if it launches successfully.
We are also in the middle of a regulatory crackdown, which is making things challenging for institutions. PayPal is quite confident about cryptocurrencies’ global acceptance and is making them more accessible to customers.
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