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PayPal on Crypto Capabilities of New App and DeFi Applications

Paypal. Source: Pexels.com

PayPal has teased a new super application that will feature additional cryptocurrency capabilities. The payments giant claims that the app is complete and will be ready to roll out in the USA in the coming months.

This was announced during PayPal’s Quarter 2 2021 investors’ call. PayPal CEO, Dan Schulman, announced the new app will incorporate unique technology such as AI, machine learning, and new features outside the scope of the P2P payments to facilitate family and friend communications and additional cryptocurrency capabilities. However, he did not expound on what these capabilities would be.

Schulman did not give an exact date of the rollout and said PayPal was planning to fully ramp in the United States in the next several months.

The CEO also noted that PayPal is currently one of the few payments companies that allow users to use crypto as a source of funds.

In February, PayPal distanced itself from a balance sheet-powered crypto buy approach and committed itself to innovation in the crypto world and super app crypto functionalities.

The firm also confirmed that it was working on solutions that will allow users to transfer funds to third-party wallets and integrate compliance solutions.

PayPal wants to make sure they create a seamless process for tax reporting. The company is also looking at incorporating that in trading and the ‘buy with crypto’ functionality on their platform.

PayPal is also thinking about how the next generation of the financial system will look and how they can help shape it. This is by working with regulating authorities and central banks.

Schulman also claimed that getting money to people faster had become a priority and a prospect for payments companies like PayPal.

He briefly mentioned the decentralized finance (DeFi) industry, noting that PayPal was interested in digitizing assets to open them up to consumers who did not have access to them before.

Shulman also noted that the firm enjoyed more growth in the quarter, with strong adoption and trading of cryptocurrency on its Venmo platform.

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