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As Bitcoin Use Develops, PayPal is Putting Together a Crypto Unit in Ireland

The ever-growing usage of Bitcoin (BTC) and Ethereum (ETH) has urged PayPal to expand the scope of its crypto services even to Ireland.

PayPal is hiring for several crypto-focused posts in compliance, anti-money laundering, and business development in its Dublin and Dundalk offices, according to Independent, the Irish portal.

PayPal’s entrance to cryptocurrencies was realized through the establishment of an expert crypto and blockchain team in October 2020 with the purchase of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) by clients in the United States. Only 2 months ago, the withdrawal of cryptocurrencies to third-party wallets by customers was made possible by PayPal, in addition to supporting its clients through making purchases with cryptocurrencies from March 2021.

The success of PayPal in the crypto market has surpassed all expectations from October 2020 to April 2021, according to CEO Dan Schulman. The crypto market was evaluated at $2.6 trillion due to the immense price increase of Bitcoin and Ethereum. Nonetheless, crypto markets seem to have hit a base and are now traveling higher again, after a significant correction between May and July.

Schulman stated on PayPal’s quarterly results call last week that the company’s crypto trading business would be arriving to the UK very soon. He also mentioned that upgrades to allow for faster payment processing are in the works.

Also read: Even With a Bitcoin Impairment Loss for Square, Cash App’s Quarterly Income Increases by 200%

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