PayPal, one of the largest e-payment companies, has announced the creation of a digital assets team. A group of specialists in a fairly quick period of time will have to help PayPal in its cooperation with crypto companies in Ireland.
Note that the need to connect additional specialists arose against the background of the rapid development of leading cryptocurrencies. In particular, PayPal sharply wished to improve relations with virtual currencies after the Irish authorities raised the issue at the state level about the introduction of MTC and ETH into the list of services provided by banking institutions.
PayPal does not disclose specific plans for the implementation of cryptocurrencies. However, we know that the e-commerce giant wants to join the new money industry as much as possible. The message says that PayPal wants to “focus its activities on cooperation with cryptocurrencies; while adhering to all regulations and rules, following all the instructions of the law on money laundering”.
It is known that the activities of the group of specialists will be aimed at the development of only two offices of the company so far; in Dublin and Dundalk.
PayPal strengthens its position in the crypto market
This serves as further evidence that the company is going to further strengthen its position in the crypto market.
This was largely due to the fact that in the spring the cryptocurrency market showed significant growth. The total cryptocurrency market capitalization was more than $ 2.5 trillion. That is, the business related to cryptocurrencies has become very profitable.
In April, PayPal CEO Dan Schulman stated that the company has been exploring the possibilities of digital assets and blockchain for a long time; and the demand for cryptocurrency has significantly exceeded its expectations.
Against this background, the company began to expand its functionality aimed at operations with cryptocurrencies.
So, in the company’s quarterly report; it indicated that the cryptocurrency trading service should appear in England in the very near future. All updates to speed up transaction processing are under development and will soon be presented to users.
We also recently announced that the PayPal payment system will expand the possibilities of working with cryptocurrency in its new super-application. The superapplication wallet will feature high yields, early access to direct deposit funds, messaging capabilities, “advanced cryptographic capabilities” and more. Schulman said each wallet will be “unique, driven by advanced artificial intelligence and machine learning capabilities”.
This policy of the payment giant indicates that PayPal believes that cryptocurrencies will be in demand in society. No legislative restrictions or attempts to outright ban this can prevent this. At the same time, the company will comply with all currently established regulatory requirements regarding digital assets.
The fact that PayPal is going to issue a cryptoasset trading service in England indicates that the company does not intend to quarrel with regulators and will fully comply with their instructions.