By Shelly Melancon (Switzerland)
Payments giant, PayPal, is among institutional investors leading the pace for cryptocurrency adoption. In a recent report, PayPal is now shifting its attention to Ireland as it aims to recruit new hands for offices based in Dundalk and Dublin. Paypal has been actively involved in the cryptocurrency space since integrating crypto payments on its platform since October 2020.
The payment service provider is leaving no stone unturned with its crypto involvement. Recently, it announced the imminent launch of its crypto-based application, which as it claimed was ‘code complete.’ The Super app, as it is called, will enable users to trade and store cryptocurrencies. However, the application will only be available to users in the UK and the US.
Paypal Establishing Crypto Strongholds in UK and Ireland
PayPal plans to leave crypto imprints in Ireland as it hopes to do in the UK with the crypto trading app. Earlier in April, the payment giant moved over 130 employees out of Ireland. With this recent development, it is perhaps a rescission of its April move. In light of this, PayPal has already put out job postings for crypto-related roles within the country.
Paypal’s CEO and President, Dan Schulman announced part of the firm’s roadmap while giving updates on its Q2 performance index. He said Paypal was also looking at integrating decentralized finance into the platform. Schulman added that he envisions DeFi and smart contracts as the future of finance. As such, it’ll be a step in the right direction if PayPal taps into the prospects of both technologies. Paypal is reported to have partnered with Uniswap to bring this to reality.
Paypal’s Super app will feature high yield savings, messaging functionality and many more. Its other app, Venmo, recorded an increase in the number of signups and transaction volume in Q2. Paypal’s Venmo allows users in the US to trade crypto and also send money within the country.
Europe’s Cryptocurrency Hub Expanding
The payment service giant is not the only firm broadening its crypto landscape into European landscape; leading US-based crypto exchange Kraken has also stated its intention to set up a base in the European country. Back in May, Bank of New York Mellon established a cryptocurrency base in Ireland.
If cryptocurrency adoption continues at this pace, in no time, the entire mainstream sector will be covered. Tesla’s adoption in May must have set the stage for Bitcoin as a means of exchange. Unfortunately, Tesla denounced its Bitcoin adoption, however, its CEO, Elon Musk stated that the EV firm still had its Bitcoin holding in place.
Late June, it was reported that Amazon will begin accepting Bitcoin as payment for goods and services on its platform. It didn’t take long before the e-commerce giant denounced the report, souring the excitement of the entire crypto community as quickly as the first report had done.
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