PayPal plans to roll out direct sales of cryptocurrency to its 325 million users, enhance hiring blockchain experts
It seems that PayPal is currently planning to launch a cryptocurrency direct sale service for 325 million users. This means PayPal will allow the purchase and sale of cryptocurrencies from PayPal and Venmo, along with several other functions such as integrating a coin storage wallet.
PayPal would be working with multiple cryptocurrency exchanges to source liquidity
It is currently unknown how many cryptocurrencies will be available for this new service. However, PayPal is expected to work with multiple exchanges to source liquidity. Moreover, PayPal is also looking to launch this service as early as at least the next three months, or maybe even sooner.
Quite a few people predict Coinbase and Bitstamp are likely to be the upcoming partner of PayPal. However, both Coinbase and Bitstamp declined to comment.
Crypto is increasingly seen as an obvious way to increase the number of users on fintech applications and create new revenue streams.
Around early 2020, PayPal recruited personnel to help strengthen its Blockchain Research Group. PayPal posted eight engineering positions: four in San Jose and four in Singapore.
In an interview with CoinDesk earlier this year, PayPal Chief Technology Officer Sri Shivananda said he could not comment on any specific plans of PayPal.
“We are a strong believer in the potential of blockchain. The digitization of currency is only a matter of when not if.”
PayPal is hiring experts in cryptocurrencies and blockchain
Recruitment job descriptions are posted publicly on company job boards. In it, the first job was called Technical Lead – Crypto Engineer. It is the person who will be responsible for new PayPal initiatives around the globe with agility and innovation. The role includes designing, developing, and maintaining key crypto products/features targeted towards the availability, performance, and scalability of PayPal services.
The second job is Blockchain Research Engineer. This is a new position within the Strategic Technology Enablement team chartered with establishing expertise and opinions on emerging blockchain technologies and their potential uses within PayPal.
In its latest 10-K profile, PayPal lists potential rapid developments in blockchain and virtual currencies as a risk factor that could negatively affect the company. Perhaps the company has decided to attack these potential risks preemptively.
These job listings still exist while the crypto community is buzzing about recent rumors that PayPal will officially move deeper into the cryptocurrency market. Job requirements require several skills that overlap with Bitcoin development, like experience with C ++, asymmetric cryptography, and cryptographic libraries.
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