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The new hires will assist PayPal in expanding its crypto-focused business offering at a time when Bitcoin and Ether are rapidly gaining traction.
PayPal, the global payments company, is currently hiring for several cryptocurrency-related positions in its Ireland offices, highlighting the company’s ambitions in the rapidly growing digital asset market.
The Dublin-based Irish Independent, one of the country’s most popular news outlets, reported Sunday that PayPal is looking to fill various crypto-focused roles in compliance, anti-money laundering and business development for its Dublin and Dundalk offices.
PayPal established a dedicated crypto and blockchain business unit earlier this year to support its initial foray into cryptocurrencies, which began in October 2020 by allowing customers in the United States to purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). In March of this year, the company expanded its offering by allowing customers in the United States to pay for goods and services with digital assets they own. Two months later, PayPal announced that customers would be able to withdraw their cryptocurrencies to third-party wallets.
PayPal CEO Dan Schulman stated in April that his company’s crypto business outperformed all expectations in its first six months of operation. The rapid adoption of digital assets like Bitcoin and Ether coincided with a massive price increase that pushed the overall cryptocurrency market to a valuation of nearly $2.6 trillion. Although prices fell sharply between May and July, crypto markets appear to have found a bottom and are now on the rise.
During PayPal’s quarterly earnings call last week, Schulman stated that the company’s cryptocurrency trading service would be coming to the UK in the near future. Upgrades that would allow for faster payments processing are also in development, he indicated.