PayPal revealed plan to add new crypto features

PayPal customers will be able to access numbers of new crypto features through the global payment platform. Schulman said during PayPal’s Q2 2021 investor update call on 28 July.

PayPal is moving their steps slowly to dive into the crypto industry perfectly. In the very starting they added limited numbers of crypto assets at their platform. And then recently they expanded the crypto buy limit to $100,000 per week. And now they are ready with some new features to serve their customers.

Related: PayPal Exceed Crypto Buy Limit To Their Users by $100,000 Per Week

On 28 July, at the occasion of PayPal’s Q2 2021 investor update call, CEO Dan Schulman unveiled PayPal’s plan to add features in their wallet. 

Schulman said that they are almost ready with their new code of wallet. In the new wallet their customers will be able to access lots of features like high-yield savings, early access to direct deposit funds and chat functions, and will be driven by advanced artificial intelligence and machine learning capabilities.

Their development work is very near to complete & in next several months they will launch for American citizens based customers. 

Venmo, which is also a service which is owned by PayPal, launched cryptocurrency services on its platform in April. In the current time they reported US$58 billion volume of payments by their customers. And also Paypal facilitated around $311 billion volume of payments during this quarter. 

Rumours say there are huge chances that PayPal may add the feature of a third party payment option through crypto wallet. While they did not talk about this feature to add in the next update.

But once Payapal’s president indicated that they may add this party crypto payment options in future. 

According to Payapal’s president Mr. Jose Fernandez da Ponte,  payment platforms are “natural way” to distribute CBDC in the future. He also talked about the transaction fees system of Paypal which is very high in comparison to few other high level payment companies. Probably they may use crypto for transactions. It is worth to note, it is currently possible for PayPal to facilitate very fast & free of transaction fees charge transactions with the use of Bitcoin lightning network because their services are limited to their own platform.

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