Payments giant PayPal has started putting together a small team in Ireland to help support its foray into cryptocurrencies.
PayPal began supporting cryptocurrencies like bitcoin last year. It marked a significant push for cryptocurrencies with the major payments firm allowing its users to buy and sell digital currencies and use them for making purchases.
Across its offices in Dublin and Dundalk, PayPal has begun hiring for cryptocurrency-related positions in roles such as compliance and anti-money laundering checks. This includes roles in PayPal’s blockchain, crypto and digital currencies (BCDC) business unit, which supports the payment giant’s cryptocurrency efforts.
PayPal declined to comment on its crypto recruiting in Ireland.
The company has two bases in Dublin and Dundalk where it employs around 2,800 people. Earlier this year the company initiated plans to relocate around 130 jobs away from the Irish bases.
PayPal’s crypto services have initially focused on the US market with wider roll-outs internationally on the agenda.
PayPal’s embrace of cryptocurrency is a major step deeper into the mainstream for the likes of bitcoin, despite the virtual currency’s volatility.
“We continue to be really pleased with the momentum we're seeing on crypto,” chief executive Dan Schulman said on company’s quarterly earnings call this week. It reported $6.24bn in second quarter earnings.
He added that the company is developing a new “super app” that will be launched initially in the US while it also planned to roll out crypto trading in the UK soon.
“We are clearly thinking about what the next generation of the financial system looks like [and] how we can help shape that,” he said.