thecoinrepublic.com
- PayPal, the global payments firm, is hiring for numerous cryptocurrency-related roles at its Ireland headquarters, underscoring the business’s ambitions in the fast-developing digital asset sector
- PayPal said two months later that users will be able to withdraw their bitcoins to third-party wallets
- The fast adoption of digital assets like Bitcoin and Ether was accompanied by a significant price increase that propelled the total cryptocurrency market to a worth of almost $2.6 trillion
PayPal, the global payments firm, is hiring for numerous cryptocurrency-related roles at its Ireland headquarters, underscoring the business’s ambitions in the fast-developing digital asset sector. PayPal is looking to fill different crypto-focused jobs in compliance, anti-money laundering, and business development for its Dublin and Dundalk operations, according to the Dublin-based Irish Independent.
PayPal established a specialized crypto and blockchain business unit earlier this year to assist its entry into cryptocurrencies, which began in October 2020 with the purchase of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) by clients in the United States (LTC).
The business expanded its offering in March of this year, allowing US consumers to pay for products and services using their digital asset holdings. PayPal said two months later that users will be able to withdraw their bitcoins to third-party wallets.
PayPal was said to be looking for a crypto custody acquisition after partnering with New York state-regulated Paxos to allow cryptocurrency buying and trading in October. The payments behemoth was said to be in discussions to purchase BitGo for up to $750 million, but the transaction fell through. Curv and Fireblocks, two multi-party computation (MPC) companies, are in limited supply in crypto land; the latter is apparently working on crypto custody with BNY Mellon. As the business prepares to expand its crypto offerings, Paypal is hiring more than 100 crypto-related roles. At the time of writing, there are at least 102 job vacancies linked to bitcoin and blockchain technology listed on the company’s website While the majority of the opportunities are in the United States, there are five job ads for employment with Paypal’s online money transfer business, Xoom, in Tel Aviv, Israel, six in Ireland, one in Singapore, one in Hong Kong, and five in Guatemala City.
PayPal’s CEO, Dan Schulman, stated in April that the company’s crypto business has exceeded all expectations in its first six months of existence. The fast adoption of digital assets like Bitcoin and Ether was accompanied by a significant price increase that propelled the total cryptocurrency market to a worth of almost $2.6 trillion. Crypto markets look to have hit a bottom and are currently traveling higher again, after a steep correction between May and July. Schulman stated on PayPal’s quarterly results call last week that the company’s crypto trading business will be arriving in the UK in the near future. Upgrades to allow for speedier payment processing are also in the works, according to him.