According to a recent report by the Irish Independent, PayPal's Irish office appears to be recruiting team members for some crypto-related positions. Some of the positions the company seeks to fill are related to compliance, anti-money laundering, business development, etc.
This move is due to the increasing adoption of cryptocurrencies not only in Ireland but all over the world. After acquiring cryptocurrency in the United States, the company was impressed by the amount of interest and the revenue it managed to generate in the next quarter. With personal experience on how much the adoption of encryption technology can benefit businesses and their customers, PayPal seems to be preparing to expand to other countries as well. It is not clear when Ireland and other potential countries can use encryption, or even which currencies can be supported in these countries.
In the United States, PayPal has added support for Bitcoin (BTC / USD), Ethereum (ETH / USD), Bitcoin Cash (BCH / USD) and Litecoin (LTC / USD). In March 2021, it also allowed users to use its digital assets to pay for goods and services, and by May, it also stated that it would allow users to withdraw their coins from PayPal's website to third-party wallets.
The companys CEO Dan Shulman said that the cryptocurrency business has exceeded everyone's expectations. At the same time, the crypto industry has been widely accepted, especially in terms of Bitcoin and Ethereum. This also happened at the time when the price of the largest cryptocurrency in the history of the industry soared, bringing the total market value of cryptocurrencies to 2.6 trillion U.S. dollars. Although the price has fallen sharply since then, it seems that they not only found the bottom, but also started a new rebound. Bitcoin once again surpassed $40,000 for the first time in more than a month.