• As Bitcoin adoption develops, PayPal is apparently establishing a crypto team in Ireland

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

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

    PayPal established a specialized crypto and blockchain business team earlier this year to assist its initial venture into cryptocurrencies, which began in October 2020 by allowing users in the United States to purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). In March of this year, the firm expanded its offering by allowing clients in the United States to pay for goods and services with digital assets they own. Two months later, PayPal announced that clients would be able to withdraw their cryptocurrency to third-party wallets.

    PayPal CEO Dan Schulman stated in April that his company’s crypto business outperformed all expectations in its first six months of operation. The fast adoption of digital assets like Bitcoin and Ether corresponded with a tremendous price increase that boosted the whole cryptocurrency market to a capitalization of about $2.6 trillion. Although prices fell drastically between May and July, crypto markets appear to have hit a bottom and are now on the rise.

    During PayPal’s quarterly results call last week, Schulman stated that the company’s cryptocurrency trading service would be arriving to the UK in the near future. Upgrades to allow for speedier payment processing are also in the works, he said.

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