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There are indications surrounding the exigent move by PayPal to go bullish on cryptocurrency-related services as it has announced vacancies for cryptocurrency engineers.
The advent of cryptocurrencies is reshaping the narrative on the options for global money transfers. With Bitcoin and altcoins, cash transfers are now faster and come with minimal charges outperforming traditional methods of fund transfer. In finding a solution to the challenge of cash transfers, PayPal Holdings Inc (NASDAQ: PYPL) debuted in 1998 and has created a vital niche for itself in the financial sector via its fund’s payment services. In adjusting to the changing technological landscape and the fierce competition by emerging technology such as blockchain technology, PayPal has announced vacancies for cryptocurrency engineers in a possible bid to integrate cryptocurrency funds transfers.
PayPal’s Company Profile and Business Offering
PayPal Holdings Inc was founded with the fundamental belief that having access to financial services creates opportunity. The company is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 244 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person.
Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money and offers choice and flexibility when sending payments, paying, or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo, and Xoom enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies, and hold balances in their PayPal accounts in 25 currencies.
The company’s founder Elon Musk is a known pro-digital currency promoter but PYPL in all of its offerings has not integrated a single digital currency, a move which makes it lag behind in today’s focused alternative payment relevance. The announcement of cryptocurrency engineers for its office in Chennai may be the first move by the company to change its current disposition to cryptocurrencies.
PayPal Is in Exploring the Cryptocurrency Space
The Chennai based cryptocurrency engineering team will help to drive new innovations and help the company transition with respect to integrating emerging technologies.
The announcement reads:
“The role include design, develop and maintain key crypto product/features targeted towards availability, performance and scalability of PayPal services. The role expects high standard of engineering excellence with practical experience in building and maintaining internet-scale applications and services. We are looking for person who is passionate about security and thrive in dynamic and high pressure environment and is expert in Cloud Security and Crypto domain.”
The preferred candidate will be required to have at least 12 years of experience in software development, 4+, C++, symmetric and asymmetric cryptography as well as adequate knowledge of Test Driven Developments. The requirements as highlighted can only be required of a firm planning a massive entry into the world of blockchain technology.
Undoubtedly a leader in money transfers, it is about time that PayPal gets on teh cryptocurrency board. As reported by Coinspeaker, PayPal may introduce cryptocurrency trading through its Venmo App. This growing speculation of PayPal’s direct involvement in the sales of BTC and cryptocurrencies will help the company to gain more market share and beat the competition as currently been fueled by PayID, a payment platform that has the required coalition to go bullish on cryptocurrency cash transfers in the nearest future. By establishing its footing in blockchain, the company will definitely shore up its valuation as this will positively boost investors’ interests.