Crypto Team is Being Built by PayPal in Ireland as Bitcoin Acceptance Grows

Syed AhadWeb Editor

01st Aug, 2021. 10:39 pm

At the time when Bitcoin and Ether are gaining popularity, the new hires are required to help PayPal expand its crypto-focused business offering.

PayPal, the global payments company, is hiring for many cryptocurrency-related posts at its Ireland headquarters, highlighting the business’s ambitions in the fast-rising digital asset sector.

PayPal is looking to fill several crypto-focused posts in compliance, anti-money laundering, and business development for its Dublin and Dundalk offices, according to the Dublin-based Irish Independent, one of the country’s most popular news outlets.

PayPal established a specialized crypto and blockchain business unit earlier this year to assist its entrance into cryptocurrencies, which took place in October 2020 with the purchase of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) by clients in the United States.

The company expanded its offering in March of this year, allowing US clients to pay for products and services with their digital asset holdings.

PayPal said two months later that clients would be able to withdraw their cryptocurrency to third-party wallets.

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 tremendous price increase that brought the whole cryptocurrency market to a worth of about $2.6 trillion.

Crypto markets seem to have hit a bottom and are now hiking upwards again, after a significant correction between May and July.

Schulman stated on PayPal’s quarterly earnings call last week that the company’s crypto trading business would be arriving in the UK in the near future. Upgrades to allow for faster payment processing are also in the works, according to him.

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