With every passing day, PayPal has been coming up with one product/service after another for the cryptocurrency community. The recent announcement made by PayPal is yet another promising one for the cryptocurrency community.
The online payment services giant has announced that it has recently launched a new application that is going to be very convenient for the cryptocurrency community. According to PayPal, the new application will operate as a one-stop-shop for the cryptocurrency and digital assets community.
With the release of the application, the users will be able to benefit from the platform tremendously. It will act as one of the most convenient and beneficial platforms for the community aiming for more digitalization.
It was back in July of 2021, when Dan Schulman, the CEO at PayPal had hinted towards the development of a super application. At that time, Schulman had stated that they had already finalized the development phase of the super application.
He stated that they were in the starting stages of rolling out the testing phase of the super application. Schulman had revealed that initially, the super application would only be able for the customers based in the United States.
It has now become a tradition for PayPal to first launch every application or service in the United States, as it is their base of operations and the first market they targeted.
Therefore, once the application has been fully rolled out in the United States, then they will be looking forward to the global rollout of the application. From the looks of it, there are high chances that after fully rolling out the application in the United States, it may launch the application in the United Kingdom.
It was on Tuesday, September 21, 2021, when PayPal officially announced the launch of the super application in the United States. The firm has revealed that following the launch of the application, all users in the United States will have access to the digital financial products supported by PayPal.
According to PayPal, the super application is capable of supporting and fulfilling the needs of both the non-crypto and crypto users. The application will also have a wallet tab added to the application for cryptocurrency users.
Through the particular wallet tab on the application, the crypto-users will be able to manage payments for cryptocurrencies. Furthermore, the users will be able to benefit from the high yield savings.
In addition to announcing the launch of the super app, PayPal has also revealed that it has formed a partnership with Synchrony Bank, which is an online banking solution.
Following its partnership with Synchrony Bank, PayPal will be able to offer a crypto-users savings account that would help them generate high yields through the application.