American payment processor PayPal is reported to be expanding the business of its digital assets by establishing a designated cryptocurrency team in Ireland. The company also appears to be preparing to expand its business scope to other countries.
According to local media company Independent, PayPal is trying to form a new team to demonstrate the company’s ambition to break into the digital asset market. Future employees will hold positions with a focus on cryptocurrency in the areas of anti-money laundering, compliance, and business development. PayPal is reported to be setting up teams in the capital cities of Dublin and Dundalk.
This move was taken after Irish residents showed an increasing interest in virtual assets. It’s not clear whether PayPal will expand the scope of its cryptocurrency to other countries, but the company indicated that such a move is possible.
It’s worth noting that in late March the company allowed its U.S. consumers to use cryptocurrency to make payments to millions of merchants backed by payment processors. Back then, CEO Dan Schulman pointed out that using digital assets in financial transactions is very easy.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
Interestingly, when Schulman announced the results for the first quarter of 2021 in early May, digital assets were the main driving force behind the significant growth in revenue and user activity.
PayPal’s “Super App Wallet”
The company continues to strengthen its ambitions for greater adoption of digital assets and recently announced that it will introduce a “Super App Wallet” for its US users. It will provide “additional crypto features”, early access to direct deposit funds, and high-yield savings.
Schulman guarantees that the application is “code complete” and that each account is “unique, powered by advanced artificial intelligence and machine learning capabilities”. The American payment giant plans to launch this new service in the next few months.
However, it is not clear whether the company will expand the application to other countries outside of the United States.