PayPal has an almost complete “super application” for cryptocurrency management

Payment giant PayPal has announced that it will soon introduce its new application for cryptocurrencies, which will have many new and allegedly exceptional functions.

PayPal confirmed this innovation during the publication of financial results for the second quarter of 2021. During the so-called “Earning call” with investors Dan Schulman, CEO, revealed that the application code has been completed and that PayPal will make it available in the US in the coming months.

The new application, which will function as an advanced cryptocurrency wallet, should bring various digital asset management functions, elements known from the DeFi sector or functions for sending messages between its users. “She will be unique. It will be powered by advanced artificial intelligence and machine learning capabilities, ”described the forthcoming Schulman product.

PayPal boasted that as of June 30. already had more than 400 million active user accounts, with total payments for the second quarter through PayPal of $ 311 billion. PayPal also owns the popular payment company Venmo with 76 million users, through which payments worth $ 58 billion were made in the second quarter. Both PayPal and Venmo have been offering options for buying and managing digital currencies for several months, which has also contributed to the company’s financial results.

“We are one of several payment companies that allow consumers to use cryptocurrencies as a source of funding. We see a strong trend of accepting and trading cryptocurrencies on Vemno, “ Schulman told the company’s shareholders.