Baisakhi MishraPayPal, 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 operations, according to the Dublin-based Irish Independent.
According to The Independent, the recruiting will include positions in PayPal’s blockchain, crypto, and digital currency business area. When PayPal announced the business unit’s establishment in March, CEO Dan Schulman told the publication Decrypt: “There are numerous opportunities for us to contribute to the development of the next generation of infrastructure. That is the purpose of this business unit.”
PayPal established a specialized crypto and blockchain business unit earlier this year to assist its entrance 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 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 users will be able to transmit their cryptocurrencies to other wallets rather than storing them on PayPal or selling them for withdrawal in fiat currency, according to a recent announcement. Neither Reuters nor PayPal have stated when the cryptocurrency withdrawal feature will be available. If the initial deployment of third-party wallets is anything like PayPal’s decision to allow bitcoin purchases last fall, it will be slow and location-based.
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 look to have hit a bottom and are now traveling higher again, after a significant correction between May and July.
Schulman stated on PayPal’s quarterly results 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.
PayPal users will be able to transmit their cryptocurrencies to other wallets rather than storing them on PayPal or selling them for withdrawal in fiat currency, according to a recent announcement. Neither Reuters nor PayPal have stated when the cryptocurrency withdrawal feature will be available. If the initial deployment of third-party wallets is anything like PayPal’s decision to allow bitcoin purchases last fall, it will be slow and location-based.
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