PayPal's crypto'super app' is expected to launch soon.

According to Dan Schulman, the initiative is already "code complete" and will be completely ramped up in the United States in the next months. PayPal, a payment processing company, has stated that its users may not have to wait long for more crypto functionality on the platform.

CEO Dan Schulman claimed today on PayPal's Q2 2021 investor call that the initial iteration of the company's super app wallet was "code complete." PayPal's president stated that the wallet would be fully operational in the United States within the next few months.

High-yield savings, early access to direct deposit funds, messaging, “additional crypto capabilities,” and other features will be available in the super app wallet. Each wallet would be "unique," according to Schulman, and would be "powered by powerful AI and machine learning capabilities."

As of June 30, PayPal had over 400 million active user accounts, with $311 billion in total payment volume during the second quarter of 2021. With 76 million active accounts, Venmo, the PayPal-owned payments company that introduced crypto trading in April, had around $58 billion in total payment volume in the second quarter of 2021.

The PayPal CEO stated, "We're one of the only payments businesses that allows consumers to use cryptocurrencies as a funding source." “We're also seeing a lot of bitcoin adoption and trade on Venmo.”

PayPal stated earlier this month that it would raise the limit on cryptocurrency purchases for certain US consumers from $20,000 to $100,000. The payments company initially stated that it would enter the crypto area in October 2020, with qualifying users eventually being able to use cryptocurrency for trading and payments.


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