New Staff Way, PayPal Is Getting More Ambitious Towards Crypto Currency Market

PayPal, will add employees and staff to handle cryptocurrencies. (photo: paypal.com)

JAKARTA - Global payment service provider, PayPal, is currently in the process of recruiting for several positions related to cryptocurrencies at its office in Ireland. This further highlights the company's ambitions in the fast-growing digital asset market.

Dublin-based Irish Independent reported on Sunday that PayPal is seeking staff to fill various crypto-focused roles in compliance, anti-money laundering and business development for its Dublin and Dundalk offices.

PayPal launched a dedicated crypto and blockchain business unit earlier this year to support its foray into cryptocurrencies, which initially started in October 2020 by allowing customers in the United States to buy Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin. (LTC).

In March this year, the company expanded its offering by allowing US customers to pay for goods and services using their digital asset holdings. Two months later, PayPal said it would allow customers to withdraw their cryptocurrency to third-party wallets.

Dan Schulman, CEO of PayPal, said in April that his company's crypto business exceeded all expectations in its first six months of operation. The rapid uptake of digital assets such as Bitcoin and Ether coincided with a massive price spike that propelled the overall cryptocurrency market to a valuation of nearly 2.6 trillion US dollars. Even though the price corrected sharply between May and July, the crypto market seems to have bottomed out and is now rising again.

During PayPal's quarterly earnings report last week, Schulman indicated that the company's crypto trading service is coming to the UK in the near future. “These upgrades enabling faster payment processing are also being developed,” said Schulman.