PayPal, the payments giant, plans to expand its crypto offerings by hiring more than 100 crypto experts.
PayPal has 102 job openings connected to cryptocurrency and blockchain in its Irish offices, and in its U.S., Israel, Singapore, Hong Kong, and Guatemala City offices, namely the Xoom service for online money transfer.
A variety of positions are available, from managers of crypto engineering programs, managers of crypto development teams, to managers of analytics in blockchain AML and taxation, investigators, operations managers, and crypto tax reporting managers.
PayPal CEO Dan Schulman recently announced the company is "continuing to be pleased with the momentum it is seeing in crypto" and will be adding incremental functionality to it.
It will also integrate U.K.-based open banking, expand and facilitate third-party wallet transfers in addition to developing its own wallet called the "super app."
Crypto business performed better than expected in the first six months. Bitcoin and Ethereum experienced explosive growth, accompanied by a massive price increase that pushed the market to a $2.6 trillion valuation.
The fintech giant had earlier launched its crypto and blockchain business unit in Q1 to support its raid of crypto assets, which initially began in October 2020 after it allowed customers in the world's largest economy to purchase Bitcoin, Ether, Bitcoin Cash and Litecoin.
As of March this year, the company added the ability to pay for goods and services using cryptocurrency to its offerings. Users can now withdraw their crypto assets to third-party wallets after they signed up with the company in May.
PayPal also recently increased its weekly crypto purchase limit to $100,000 and eliminated its annual limit completely.
The new limit was five times higher than the previous weekly limit of $20,000 and significantly higher than the previous annual purchase cap of $50,000.