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02.08.2021

PayPal will launch its own cryptocurrency wallet. Why is it important

On July 29, payment company PayPal announced the launch of its own cryptocurrency wallet that US residents will be able to use. The developers have already completed work on the wallet and in the coming months it will be integrated into the company’s application. Wallet users will be able to use additional functionality, as well as exchange messages.

In February, PayPal CEO Dan Shulman announced that the company plans to develop a financial super app (similar to Alipay and WeChat Pay). It will combine tools for working with high-yield savings accounts, investment services and other services.

The service supports four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Already in January of this year, PayPal announced a record volume of cryptocurrency trading. During the day, users of the service made transactions with digital assets worth $ 242 million.
Cryptocurrency payment is available in all 29 million merchants that work with PayPal.

The integration of a cryptocurrency wallet into the PayPal super application is a step towards the recognition of cryptocurrencies as a means of payment, says Vladimir Smetanin, director of the financial company Newcent.

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