PayPal will launch its own cryptocurrency wallet. Why it matters

The payment system is actively integrating digital assets into its ecosystem. How the integration of bitcoin and altcoins into such services contributes to the evolution of the crypto market
PayPal announced July 29 the launch of its own cryptocurrency wallet, which can be used by U.S. residents. The developers have already completed work on the wallet and in the coming months it will be integrated into the company's application. Users of the wallet will be able to use additional functionality, as well as exchange messages.

PayPal will launch its own cryptocurrency wallet. Why it matters

In February the CEO of PayPal Dan Schulman reported that the company plans to develop a financial super application (analog of Alipay and WeChat Pay). It will combine tools for working with high-yield savings accounts, investment services and other services.
Integrating cryptocurrencies into PayPal

U.S. PayPal customers first gained access to digital assets in early November 2020. At that time, the payment system allowed U.S. users to buy, store and sell cryptocurrency directly through PayPal. The service supports four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
Already in January this year PayPal announced a record volume of cryptocurrency trading. During one day users of the service made transactions with digital assets for $242 million. From March 30 users of PayPal can pay for goods and services in cryptocurrency. Conversion into fiat currencies occurs at the moment of payment. Payment with cryptocurrency is available in all 29 million outlets, which work with PayPal.
In May the payment system allowed users to withdraw cryptocurrency to third-party wallets, and in July PayPal increased weekly limit on the purchase of cryptocurrency for some customers from the U.S. to $100 thousand.
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