Payment company PayPal has announced the launch of a super financial app that will include a cryptocurrency wallet among other tools. At first, only US residents will be able to use it. It is not yet known about the plans to enter this project into other markets. US PayPal customers can now buy up to $ 100,000 worth of crypto per month.
The completion of work on the cryptocurrency wallet was announced by PayPal CEO Dan Shulman at a conference with investors following the results of the second quarter of 2021. According to him, in the coming months, the novelty will appear in the company’s super-application planned for release.
PayPal announced plans to develop its own financial super application back in February. In addition to storing and exchanging cryptocurrencies, it will support various tools for working with high-yield savings accounts, investment services and other services. As Shulman explained, users of the wallet will receive a number of additional functions, for example, they will be able to exchange messages.
PayPal customers from the USA got the opportunity to pay with cryptocurrency back in March 2021. In this case, digital coins are converted into fiat money at the time of payment. Since May, PayPal has allowed the withdrawal of cryptocurrency to third-party wallets.
In June, PayPal raised the weekly cryptocurrency purchase limit for some US customers. Previously, users could purchase digital assets for a maximum of $ 20,000 per week, but now this amount has been increased to $ 100,000.