PayPal Starts Creating a Crypto Team in Ireland as BTC Adoption Soars

American online payments giant PayPal is searching for viable candidates to occupy several crypto-related positions at its Ireland offices as crypto adoption continues rising. The company has already started putting together a team to underpin its venture into cryptocurrencies. Allegedly, the available job posts require people that are well-versed with compliance, anti-money laundering, and business development.

According to a report, the people that take on these roles will occupy offices in Dundalk and Dublin and will be responsible for running PayPal’s blockchain, crypto, and digital currencies unit (BCDC) business unit, which supports the company’s digital asset activities.

This news comes after PayPal made its foray into crypto in October last year. Initially, the company only allowed US-based users to buy, hold, and sell crypto. After realizing increasing crypto adoption, the company expanded its crypto services, allowing US citizens with verified accounts to make payments with cryptocurrencies.

Soon afterward, the company started allowing users to withdraw their crypto holdings to third-party wallets. At the moment, the platform supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (BCH). PayPal also raised the weekly crypto purchase limit from $20,000.00 to $100,000 to offer its users more flexibility and choice while buying cryptocurrencies.

Focusing on the Future of Payments

In PayPal’s Q2 earnings call, Dan Schulman noted that the crypto business unit performed well in the three months ending June, prompting the company to consider offering the service in other regions. According to him, PayPal is looking to launch its crypto services in the UK as early as this month. The company is planning to introduce more crypto functionalities to its platform to help streamline crypto use.

The company is also mulling dabbling in decentralized finance (DeFi) as it tries to figure out how to reshape the future financial system. While these are just thoughts at the moment, the company is reportedly holding talks with leading decentralized finance protocol UniSwap, regarding DeFi adoption.

Meanwhile, the crypto market is staging a comeback a massive sell-off in May. Experts believe that the asset class has already bottomed and is building momentum for another rally. At the time of writing, BTC, the leading cryptocurrency by market capitalization is trading at $39,775.05 after losing 2.16% over the past 24 hours. On July 30, the coin traded as high as $42,235.55, the highest level it has reached in more than two months.