PayPal has announced it is preparing to launch a crypto app that will offer consumers numerous features designed to appeal to digital currency users.
During the company’s Q2 2021 earnings call, CEO Dan Schulman said that the app’s code has been completed and that it would release in the US in coming months.
Schulman provided a brief outline of its “crypto capabilities” such as messaging, direct deposit funding, high yield savings and more.
PayPal also explained that the company had some 400 million active users in the quarter and that $311bn in total payments were carried out during the period.
According to Schulman, there were a few payment companies that made it possible for consumers to benefit from crypto as a “funding source”.
He has a point. PayPal became the first company to enable mass adoption for crypto and chose to facilitate transactions converting FIAT and crypto currencies to save customers the hassle of going to an exchange.
The payment company similarly announced that it’s going to bump the limit on crypto payments to $100,000 in the US, where the current rate is $20,000. As PayPal seeks to adopt more crypto-friendly options, more people are turning to digital currencies.
For some, they are a way to visit great igaming websites such as Bitcasino, 1xBit and FortuneJack. For others, they are just means to pay for goods or save up.