Payments giant PayPal is expanding its crypto staff: The company is reportedly hiring more than 100 experts for its crypto division as consumer demand for cryptocurrencies continues to grow. Last week, PayPal held further talks about expanding its crypto services.
PayPal enters crypto business in a big way
While most of the job ads are in the US, there are a number of positions around the world - including five ads in Tel Aviv, seven in Guatemala City and six between Dublin and Dundalk. In the US, there are over twenty jobs advertised in California, another fourteen in New York and a dozen in Austin, TX. There are also a variety of vacancies in other cities across the US.
The roles are also wide-ranging. Positions range from enterprise risk managers and operations managers to legal consultants and engineers - both web and mobile. Some of the positions are for PayPal's online money transfer service Xoom and mobile payments app Venmo.
Crypto "Super App" & more from PayPal
The development of cryptocurrencies and the expansion of PayPal seem to be moving forward. During the company's second quarter earnings call, CEO Dan Schulman stated that "the first version of our new customer wallet super app has been completed and we are now slowly beginning to roll it out."
According to Schulman, features are likely to include "high-interest savings, early access to direct deposits, new and improved bill pay features, messaging features outside of P2P to enable communication with family and friends" and more.
Crypto expansion is clearly in full swing. Another hint from Schulman at the recent earnings announcement was that crypto services could be launched in the UK as early as the end of this month.
Last month, the company also removed its annual buy limit for cryptocurrencies and raised the weekly limit to $100,000. Previously, the weekly limit was $20,000 and the annual limit was $50,000, which is a significant jump.
These moves appear to be the start of PayPal's more aggressive crypto manoeuvres. "We're in the middle of an open banking integration," Schulman said on the earnings call, which would "increase the ability to fully integrate with ACH and make faster payments."
The new crypto job openings follow advances from PayPal rival Square, which is seeing strong annual growth in bitcoin revenue and profit.
PayPal crypto launched in October 2020, with US customers able to buy, sell and store Bitcoin, Litecoin, Ethereum and Bitcoin Cash shortly after launch. Will PayPal customers soon get more global access to cryptocurrencies like Bitcoin and Co.