After proving its use cases recently, the digital asset industry has won over several mainstream players. The main evidence for this was companies like PayPal conducting a full-fledged dive into the world of cryptocurrencies. On Thursday, the company’s CEO Dan Schulman revealed that the company was on its last stretch to add cryptocurrency functionalities within its upcoming super application wallet.
Schulman made his comments during PayPal’s Q2 hearing with developmental focus standing out as a priority. He added that the team behind the application had finished putting the final code touches to its initial version. During the investor meet, Schulman urged everyone to see the benefits of having an all-in-one cryptocurrency trading platform.
PayPal’s Ambitious Plans
According to sources within the payments company, the new application will include features such as high-yield savings, intra-messaging capabilities, and even access to direct deposit funds. In the latest report, PayPal claimed that the digital market penetration in the United States had increased substantially in the past few years. Twenty-Twenty proved to be a divisive year with a 5 percent jump from the last quarter of 2019. In Schulman’s words:
“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source. We’re also seeing strong adoption and trading of crypto on Venmo.”
PayPal’s crypto-trading arm Venmo had a stellar year with approximately $58 billion worth of capital traded on it during Q1 2021. The parent company added a whole new sector of users, taking the total number of active PayPal accounts to 403 million. The $311 billion generated in total payment volume was a product of both fiat and cryptocurrency transactions, said the report.