PayPal (PayPal shares - ticker PYPL) has posted over 100 cryptocurrency-related job postings on its website, to solidify its global crypto service expansion plans outlined this week by CEO Dan Schulman. A good number of vacancies have been added this week to complete the total of 100, in addition to previously posted positions.
A new Super-App for PayPal coming soon
The company is hiring global crypto experts for PayPal and its other divisions, Xoom and Venmo, according to job announcements. The company has already indicated that they are seeing tremendous interest in cryptocurrency trading.
90% of job vacancies are based in the United States, then others in Ireland, Israel, Hong Kong and India. Most of these positions also involve finance, engineering and risk management. Some others involve taxation, law, strategy and IT.
The multiple job positions consolidate the company's cryptographic strategy: PayPal plans to launch a "new super app for the consumer wallet" which is already under development.
It will allow users to access PayPal funds from their accounts and trade cryptocurrencies, host peer-to-peer communication and trading features, as well as support ACH and third-party wallet integration. The company will launch the app in the US "in the coming months" and "also next month in the UK". as per the CEO's announcement.
The expansion of cryptocurrencies is inevitable
PayPal already allows US customers who own an account to trade and own cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The company announced that it will expand the service globally this year.
However, customers currently cannot transfer cryptocurrencies in and out of their accounts to and from other crypto wallets, other than in-app buying and selling. They also do not check the private keys of the purchased or owned cryptocurrency other than seeing it in their balances. Based on the announced features, the new app could remove these limitations.
Given its 392 million active account holders, PayPal is also strategically positioning its service for the future development of the industry. Jose Fernandez da Ponte, vice president of PayPal, noted that payment platforms could become the "natural way" to distribute central bank digital currencies in the future.
Did you know that it is possible to buy Bitcoin with PayPal? Check out our in-depth article to find out how.
Finally, what do you think of this new PayPal move? Will crypto expansion take over sooner or later? Let us know what you think in the comments below.
