PayPal would have created a team focused on cryptocurrencies

PayPal would have created a team focused on cryptocurrencies in Ireland before the growing adoption of Bitcoin

Global payments provider PayPal has started the process to fill various cryptocurrency-related positions at its offices in Ireland, underscoring the company's ambitions in the rapidly growing digital asset market.

The Dublin-based Irish Independent, one of the country's most popular media outlets, reported Sunday that PayPal is looking to fill various cryptocurrency-related positions in regulatory compliance, anti-money laundering and business development for its customers. offices in Dublin and Dundalk.

PayPal launched a division unit dedicated to cryptocurrencies and blockchain earlier this year with the aim of furthering its foray into the crypto space, which initially began in October 2020 when it enabled the purchase of Bitcoin (BTC), Ether ( ETH), Bitcoin Cash (BCH) and Litecoin (LTC) for users residing in the United States. In March this year, the company expanded its offering by allowing its US clients to pay for goods and services using their holdings of digital assets. Two months later, PayPal said it would allow its users to withdraw their crypto assets to third-party wallets.

Dan Schulman, CEO of PayPal, said in April that his company's cryptocurrency business exceeded all expectations in its first six months of operations. The rapid uptake of digital assets like Bitcoin and Ether coincided with a huge price spike that brought the overall crypto market to a valuation of nearly $ 2.6 trillion. Although prices sharply corrected between May and July, the cryptocurrency markets appear to have hit a bottom and have now resumed their upward trajectory.

During PayPal's quarterly earnings call held last week, Schulman indicated that the company's cryptocurrency trading service would be arriving in the UK in the very near future. He also mentioned that improvements are being developed that will allow faster processing of payments.