PayPal will reportedly take a follow -up step in their crypto agenda by launching a ‘super wallet app’ for American consumers. PayPal is in the planning to launch an improved version in the next few months.
It was announced by the company’s CEO Dan Schulman in PayPal’s Q2 2021 earnings report that the firm will enhance its digital asset services by offering upgraded crypto applications. The application is called "super app wallet" where it will provide more benefits and early access to deposit funds.
Schulman assured that the app is ‘complete’. The US company plans to launch a ‘super app wallet’ in the next few months. For the initial stage, this service will only be available to U.S. users.
Recently also PayPal raised the digital asset purchase limit that allows registered customers to now be able to purchase up to $ 100,000 in crypto assets per week with no monthly or annual limit.
Based on a May report, PayPal’s revenue has exceeded expectations by more than $ 6 billion in Q1 2021. Interestingly, CEO Dan Schulman says that profits are largely driven by crypto assets.
Add PayPal executives crypto trading platform users have shown great interest in crypto assets with at least half of them opening their PayPal accounts on a daily basis.
PayPal now uses Venmo as an intermediary and the mobile payment services firm allows more than 70 million of its users to buy, sell, or hold multiple crypto assets such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) .
