Payment services provider PayPal said it is building a crypto super-app that will be available soon.
PayPal CEO Dan Schulman announced during the company’s Q2 2021 investor conference call that PayPal is preparing to launch a crypto super-app. He told investors that users will not have to wait long for additional cryptocurrency features to arrive on the platform.
Schulman said the initial version of PayPal’s “super wallet” is “complete” and that he expects the wallet to roll out to U.S. customers in the coming months. He did not provide a specific release date for when the app will be available to investors and crypto traders.
According to PayPal, the super wallet will include a variety of features such as high-yield savings, a messaging function, early access to direct deposit funds, expanded cryptocurrency capabilities, and more. The CEO emphasized that each wallet is designed to be powered by advanced AI and machine learning, which will give it distinctive, personalized capabilities.
Schulman said, “We are one of the few payments companies that allow consumers to use cryptocurrency as a funding source. We are also seeing strong adoption and significant crypto trading activity on Venmo.”
A few months earlier, PayPal launched cryptocurrency services that allowed its millions of users to gain exposure to Bitcoin and several other digital currencies. Venmo, which is owned by PayPal, followed with similar crypto offerings a few months later.
Earlier this month, the online payments giant said it would raise the weekly crypto purchase limit for some U.S. users. The previous cap of $20,000 was increased to $100,000 for eligible customers.
On the investor call, PayPal also reported having more than 400 million active user accounts at the end of the second quarter, with total payment volume reaching $311 billion during the period.