PayPal Reportedly Looks to Assemble a Cryptocurrency Team in Ireland

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PayPal Reportedly Looks to Assemble a Cryptocurrency Team in Ireland

The electronic commerce company PayPal will strengthen its cryptocurrency support by assembling a digital asset team in Ireland, claims a new report.

The American payments processor – PayPal – will reportedly expand its digital asset endeavors by building a designated cryptocurrency team in Ireland. The firm appears to be ready to broaden its scope to other countries, too.

PayPal Advances in Ireland

According to the local media Independent, PayPal is looking to assemble a new team highlighting the company’s ambitions to deeply embrace the digital asset market. The future employees will fill crypto-focused roles in anti-money laundering, compliance, and business development. PayPal will reportedly base the team in the capital Dublin and Dundalk.

The move came after Irish residents have been showing a growing interest in virtual assets. It is unclear whether PayPal will expand its cryptocurrency scope to other nations, but the company hinted that such a move is possible.

It is worth noting that at the end of March, the corporation allowed its US consumers to use cryptocurrencies to pay at the millions of merchants that the payment processor supports. Back then, its CEO – Dan Schulman – pointed out that employing digital assets in financial operations can be very accessible:

“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 announcing its Q1 2021 results at the beginning of May, PayPal’s CEO outlined digital assets as the major driving force behind the notable increases in revenue and user activity:

“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”

PayPal’s Crypto ‘Super App Wallet’

The company continued bolstering its ambitions towards deeper digital asset adoption and recently announced that it would roll out a “super app wallet” for its American users. It would provide “additional crypto capabilities,” early access to direct deposit funds, and high yield savings.

Schulman assured that the app is already “code complete” and that each account would be
“unique, driven by advanced Al and machine learning capabilities.” The US payments giant plans to introduce the new service in the next several months.

However, It remains unclear so far whether the firm will expand the app in other countries besides the USA.