Dan Schulman, PayPal president, has revealed more details about the company’s expansion into providing cryptocurrency services. In PayPal’s Q2 earnings report, Schulman disclosed that by next month, its UK users should start performing cryptocurrency transactions from their PayPal accounts.
If this becomes true, it would be a heave of relief as the company has issued this promise as far back as February this year. While Schulman didn’t specifically mention Bitcoin, he revealed that the cryptocurrency feature would be included in its Venmo crypto option. A successful launch will allow thousands of UK PayPal users to gain more Bitcoin price exposure.
Paypal To Increase Crypto Venmo Functionalities
Schulman reiterated that “we are observing increasing adoption of crypto on Venmo. During this quarter, we will expand this Venmo option so that users can perform eCommerce settlement transactions with the platform. However, the PayPal CEO failed to address whether PayPal would allow PayPal users to withdraw Bitcoin into their Bitcoin wallets. Users have been requesting this feature ever since PayPal announced its Bitcoin integration in February.
Right now, users can only use their PayPal to buy and sell Bitcoin through an internal IOU system.
Schulman only said the company hopes to add more features to the current basics when upgrading. He said the upgraded version, termed the super app, will also include other features such as personalized deals, yield savings, quick funds deposit, and better pay functionality.
Paypal To Explore Several Opportunities In The Crypto Space
It can be deduced that PayPal doesn’t just want to embrace Bitcoin’s basic functions; it seeks to explore more options in the Bitcoin space.
For example, Schulman’s final remarks were praises for the “exciting decentralized finance (DeFi) space” and the central bank digital currencies. Another positive development was that there would be additional wallet features to ease consumer onboarding for PayPal Bitcoin users.
In his concluding remarks, Schulman said, “our development team is working on creating third-party wallet transfers and a smooth process for tax reporting. Our goal is to integrate these functionalities into crypto transactions and to trade on our platform.”
Anchorage Digital To Handle US Government’s Seized Crypto Assets
In other news, the united states marshal service has chosen anchorage digital (top crypto asset custodian) to handle all seized crypto assets from the country’s law enforcement bodies, including the Justice Department. The US Marshalls service has been searching for a reputable crypto custodian for two years now, ever since the Justice Department revealed that it had seized almost 145,000 Bitcoins.
In their response, Diogo Monica and Nathan McCauley (anchorage digital co-founders) expressed delight in being chosen by the US Marshall Service and the justice department. They further said, “we have always stated the value of consumer protection and compliance in the virtual asset space.”
A top crypto news site, Decrypt, reports that this anchorage contract with the United States Marshall’s service is worth an estimated $6.7 million. Decrypt further revealed that the US Marshall service also signed a similar deal with BitGo (a crypto brokerage firm) three months ago.
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