PayPal Solidifies Crypto Expansion Plans With Over 100 New Job Openings

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PayPal Solidifies Crypto Expansion Plans With Over 100 New Job Openings
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PayPal has now posted over 100 openings related to cryptocurrencies on its website to solidify its global crypto service expansion plans outlined this week by CEO Dan Schulman. A good number of the openings were added this week to make up the total of over 100 in addition to previously posted positions.

The company is hiring global crypto experts for PayPal as well as its other divisions, Xoom and Venmo according to the job postings. The company has already indicated that these are seeing huge crypto trading interest. 90% of the openings are based in the United States, then others in Ireland, Israel, Hong Kong, and India. Most of these positions also relate to finance, engineering, and risk management. A few others relate to taxation, law, strategy, and IT.  

The multiple job positions solidify the company’s crypto strategy – PayPal plans on launching a “new consumer wallet super app” which is already in the development stage. It will let users access PayPal funds from their accounts and trade crypto, host peer-to-peer communication and trading functionality, as well as support ACH and third-party wallet integration. The company will launch the app in the US “in the next several months” and “even next month in the U.K.” as per the CEO announcement.

PayPal already allows US customers with accounts to trade and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash cryptocurrencies. The company has announced it would expand the service globally this year. However, customers cannot currently transfer crypto in and out of their accounts from and to other crypto wallets, apart from the in-app buying and selling. They also do not control the private keys to the purchased or held crypto beyond seeing it in their balances. Based on the pre-announced features, the new app could lift those limitations.

Given its solid 392 million active account holders, PayPal is also strategically placing its service to future development in the industry. Jose Fernandez da Ponte, a vice president at PayPal, has noted that payment platforms could become the “natural way” to distribute central bank digital currencies in the future.

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