According to an announcement made by the CEO of PayPal, Dan Schulman, the company will soon release a new wallet called ‘Super App Wallet’ in order to expand services for cryptocurrency users.
Payment Giant PayPal is working on yet another project to facilitate its users dealing in cryptocurrency. An upgraded version of an application, now known as ‘Super App Wallet’, is being designed and will soon be released to the public when ready. CEO Dan Schulman presented the new project in the company’s earnings call of the second quarter of this year, stating the company is working hard to develop new products that would boost the current digital asset services provided to cryptocurrency users. The new app wallet will help out users to gain early access to deposit funds and yields high savings.
Progress and Function
As for the development progress, Dan Schulman gave confidence by stating that the coding phase of the project is complete. The service is expected to launch in the coming months and will be available exclusively to United States users at launch for a limited time period. Dan Schulman also highlighted that all accounts in the new app wallet would operate separately, meaning that the accounts will be handled by advanced artificial intelligence and other machine learning algorithms.
Further Expansion and Support
As a means to promote digital assets, PayPal also increased the purchasing limit on digital assets, letting its users transact up to $100k worth of cryptocurrencies in a week, with no additional monthly or yearly limits following. Dan Schulman said that the company is always looking to meet the requirements of the customers in order to keep them happy.
According to statistical data, PayPal’s revenue had exceeded over $6Billion in value. In regards to these figures, Dan Schulman said that this huge valuation is a result of the company’s support for services in cryptocurrencies. Venmo, a firm operated by PayPal, also mentioned that PayPal’s support for cryptocurrency had let more than 70 Million users complete transactions in the top cryptocurrencies such as Bitcoin, Ethereum etc.
PayPal previously also partnered up with payment giant Visa to help contribute nearly $300Million in a funding round hosted by Blockchain Capital, which was looking for investments in their Fund V LP. Both companies have been showing immense support for digital currencies as means to boost innovation.