PayPal will develop blockchain and is already preparing to expand its team

PayPal hires a blockchain strategy director based on a recent job posting. The new employee will become part of the Global Financial Crimes group.

According to the job description, anti-money laundering specialist will “spearhead efforts to expand the market” and focus on blockchain opportunities and partnerships.

“A successful applicant will be in charge of analyzing the effective use of the blockchain to help handle the threats of monetary crimes plus administer researched actions in the particular field of AML and additionally will keep track of new tendencies in this area.”

The strategist will also hold “meetings with external partners” to discuss the possibilities of the blockchain.

Although PayPal did not confirm that it had hired a strategist, it looks like the company completed the hiring process based on the status of his ads.

Previous job postings suggested that PayPal was in the process of creating a Research Blockchain Group – a term that does not appear in this job posting. Instead, the new strategist will be part of the PayPal global financial crime group.

This means that the strategist will pay great attention to compliance with anti-money laundering (AML) requirements. He will be responsible for reducing AML risks in PayPal products and features, analyzing AML reports to identify trends, and checking AML documentation.

It seems that these anti-money laundering responsibilities will extend not only to the blockchain, but also to most areas of the payment company’s business.

This is not the first time PayPal has shown interest in blockchain. PayPal previously joined the Libra Facebook Association, but left the group in October last year along with several other leading companies due to the lack of regulatory certainty of the project.

The venture division of the company also invested in a number of blockchain companies. Last April, the company invested in Cambridge Blockchain, a blockchain identity management company. Then, in November, the firm invested in TRM Labs, a cryptocurrency risk management platform for financial institutions.

PayPal also notes that its integration with Braintree allows merchants to accept cryptocurrencies through payment processors such as Coinbase, GoCoin and BitPay.

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However, PayPal has not yet presented any cryptocurrency related services for ordinary users, but everything can change in the near future after posting a number of new vacancies.

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