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PayPal Silently Assembling An Ireland Crypto Team As BTC Adoption Surges


www.cryptovibes.com 02 August 2021 07:22, UTC
Reading time: ~2 m

PayPal, the leading global payments provider is reportedly in the process of recruiting for many crypto-related positions at its Ireland offices. The move highlights the firm’s ambitions in the speedily growing digital asset market.

These new hires are expected to help PayPal to expand its crypto-related business services at a time of rapid Ether and Bitcoin adoption. On August 1, the Dublin-based Irish Independent reported that the payments company is seeking to fill various crypto-focused positions in compliance, business development, and anti-money laundering for its Dundalk and Dublin offices.

In recent months, PayPal launched a dedicated blockchain and crypto business unit to support its involvement in cryptos, which originally started in October 2021. At the time, the company allowed clients and users in the US to acquire Ether, Bitcoin, Bitcoin Cash, and Litecoin.

In March 2021, the firm company expanded its offering by letting US users pay for services and goods using their digital asset holdings. Around two months later, PayPal mentioned that it would allow clients to withdraw their cryptos to third-party wallets.

The company’s CEO, Dan Schulman, said in April that the firm’s crypto business surpassed all expectations in its first six months of providing crypto products and services. This massive uptake and adoption of digital assets like Ether and Bitcoin coincided with the explosive price surge that pushed the general crypto market to almost $2.6 trillion in valuation.

Although the prices have corrected steeply between May and July, the cryptocurrency space seems to have found a bottom and it is now slowly trekking upward again. In PayPal’s quarterly earnings call last week, CEO Schulman said that the firm’s crypto trading service would be introduced to the United Kingdom market soon.

Upgrades that might support faster payments processing are also in the development stage, according to the CEO.

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