The market has been bullish since PayPal’s CEO announced that their crypto wallet is almost ready.
Dan Schulman, President and CEO of PayPal talked about cryptocurrencies and future plans to examine PayPal’s results for the second quarter.
In this case, the main focus was on the crypto wallet, which PayPal had promised and worked on for a long time. However, Dan Schulman startled everyone when he said that the super wallet, as he calls it, is nearing completion because the coding is complete.
High-yield savings, texting, and “other crypto capabilities,” as Dan put it, are all features that this wallet should offer.
Dan Schulman said:
We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source, – We’re also seeing strong adoption and trading of crypto on Venmo.
In terms of when this wallet would be released, it could be within a few months in the United States. However, there is no word on when it will be released to the rest of the world.
This information was also a significant catalyst in terms of trader behavior in the crypto market at the time. Bitcoin was battling to keep $40K, an important psychological threshold, these days, and it was the CEO of PayPal’s words that helped it a lot.
However, it is not just Bitcoin that is positive; practically all crypto markets are currently green.