PayPal: the crypto app will arrive in 2021. It will use AI and machine learning
A few hours ago, during an investor meeting regarding the second quarter of 2021, the PayPal team stated that its users won’t have to wait long before they can start using the app dedicated to crypto.
The CEO Dan Schulman explained that the code for the PayPal wallet app is complete and is expected to be ready in the coming months. Unfortunately, this announcement is only for the US market, and it is not known when the same app will be ready for European customers.
PayPal’s new crypto app will serve direct access to deposit funds, high-yield savings methods, a messaging app and “additional crypto capabilities”, as Schulman explained, also stating that each wallet will be “unique, driven by advanced AI and machine learning capabilities”.
“We’re one of a few payment companies to allow consumers to use cryptocurrency as a funding source. We’re also seeing strong adoption and trading of crypto on Venmo”, the CEO of PayPal said.
The latest news about PayPal
In mid-July, PayPal said it would increase bitcoin purchases to $100,000 a week, while also removing the $50,000 annual purchase limit.
In June, PayPal saw a record number of bitcoin trades worth more than $300 million.
PayPal’s revenues grew 19% in the second quarter of 2021 from data released last June. Its volumes jumped 40% to $311 billion.
As for its shares, PayPal (PYPL) is up 28% over the past six months, with a 3% rise in the last month.
Since late October 2020, PayPal has been allowing people to buy bitcoin on its platform without a fee, using Paxos Crypto Brokerage as a service.