• Thu. Apr 18th, 2024

PayPal Continues with its Growth and Exploration in Cryptocurrency Sector

Aug 4, 2021

When it comes to PayPal, the online payment service provider has been achieving one milestone after another. This time, the reports are surrounding PayPal’s expansion into the Irish soil, but in terms of cryptocurrencies.

The reports suggest that PayPal is in the process of recruiting several people from Ireland, whom it is going to position for the cryptocurrency-related tasks. The reports confirm that the recruitment is to be carried out for the offices in Ireland.

It should no longer be a surprise to anyone that PayPal has turned cryptocurrency proponent in the last quarter of 2020. Since October of 2020, PayPal has shown great interest in the adoption and expansion of the crypto-verse.

The global payments giant has made several developments in the cryptocurrency sector and has helped increase the user base on the cryptocurrency platform. Prior to PayPal’s involvement in the cryptocurrency sector, its user base was around 65 million.

As PayPal announced its ties with the cryptocurrency industry, by January of 2021, the crypto-user base was over 100 million. Surprisingly, by the end of June 2021, the total cryptocurrency user base had exceeded the 200 million figure. It is not to be implied that PayPal is mainly responsible for all the user base increment but it has contributed a lot in the sector.

Now, the firm is aiming to expand its support and jurisdiction in the cryptocurrency sector by hiring people that have significant knowledge and experience in the cryptocurrency industry.

The firm has, therefore, taken the initiative with Ireland where it will have offices with cryptocurrency-related people working there. This way, PayPal would be able to know and add more to the cryptocurrency sector. This would eventually bring more exposure to cryptocurrencies from the Irish investment sector.

So far, the reports reveal that PayPal is aiming to onboard people who would have a significant amount of knowledge in the regulatory compliance sector for cryptocurrencies. The firm is reportedly hiring people with knowledge and credibility in business development and anti-money laundering-related compliances.

For now, the Irish offices PayPal is planning to fill with crypto-experienced individuals include Dundalk and Dublin.

A moved that PayPal made back in October of 2020 as part of its revenue generation strategy has turned out to be something far greater than their expectations. Initially, PayPal adopted major cryptocurrencies with the aim to not get left out when all other payment services were adopting cryptocurrencies.

However, PayPal did things in a different matter. Instead, of offering cryptocurrencies as a mode of payment, it let its 334 million users (back in October 2020) trade in major crypto.

In April 2021, it was reported by PayPal that it had observed a great adoption rate in terms of its revenue and earnings. Therefore, the firm has started adding too many products for the cryptocurrency sector, making the most out of it.

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