invezz.com
By now, most people are aware that PayPal has had a major change of heart regarding cryptocurrencies late in 2020, announcing that it will add support for digital currencies on its platform. For US citizens, this has already happened soon after the announcement, and they have had access to crypto via PayPal directly for more than half a year now.
However, the rest of the world is still waiting their turn to get the same privileges. But, judging by the company’s recent moves, it might be ready to expand its crypto support to other countries.
Crypto adoption continues, PayPal’s response is to expand
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
According to a recent report by the Irish Independent, PayPal’s office in Ireland seems to be in the process of recruiting team members for a number of crypto-related positions. Some of the roles that the company is looking to fill concern compliance, AML, business development, and more.
The move came amid growing cryptocurrency adoption, not only in Ireland but across the globe. After bringing access to crypto in the US, the company was impressed with the amount of interest, as well as revenue that it managed to make in the following quarter. With personal experience regarding how much crypto adoption can benefit the company and its clients alike, PayPal appears to be ready to expand to other countries, as well.
It is unclear when Ireland and potentially other nations might get access to crypto, or even which coins might be supported in these nations. In the US, PayPal has added support for Bitcoin (BTC/USD), Ethereum (ETH/USD), Bitcoin Cash (BCH/USD), and Litecoin (LTC/USD). In March 2021, it also allowed users to pay for goods and services with their digital assets, and by May, it also said that it will allow users to withdraw their coins from PayPal’s website to third-party wallets.
After six months of offering crypto, the firm’s CEO, Dan Schulman, stated that the crypto business has exceeded all expectations. At the same time, the crypto industry has experienced a massive uptake, especially when it comes to Bitcoin and Ethereum. This also coincidentally happened at the time of the largest crypto price surge in the industry’s history, pushing the total crypto market cap to $2.6 trillion.
While the prices have dropped significantly since then, it appears that they did not only managed to find the bottom, but they also started a new rally, with Bitcoin once again crossing $40k for the first time in over a month.