PayPal’s crypto ‘super app’ set to roll out soon

The payments company PayPal said that its users might not have much longer to wait to have more crypto functionality through the platform.

During PayPal’s Q2 2021 investor update call, CEO Dan Schulman said the initial version of the company’s super app wallet was “full code.” The president of PayPal said the company expects the wallet to be fully rolled out in the United States in the coming months.

The super app portfolio will feature high-yield savings, early access to direct deposit funds, messaging capability, “extra crypto capabilities”, and more. Schulman said each portfolio will be “unique, driven by advanced AI and machine learning capabilities.”

PayPal said it had more than 400 million active user accounts as of June 30, with a total payment volume of $ 311 billion for the second quarter of 2021. Venmo, the PayPal-owned payments company that has started crypto trading in April, had around $ 58 billion. in total payment volume for the second quarter of 2021, with 76 million active accounts.

“We are one of the few payment companies that allow consumers to use cryptocurrency as a source of funding,” said PayPal CEO. “We are also seeing strong adoption and trading of crypto on Venmo.”

Related: PayPal users will be able to withdraw crypto to external wallets

Earlier this month, PayPal announced that it would increase the limit on crypto purchases for certain US-based users from $ 20,000 to $ 100,000. The payments company initially announced that it would enter the crypto space in October 2020, later allowing eligible customers to use crypto for trading and payments.