PayPal Working on Crypto Payments Team in Ireland

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In Brief
  • Payments giant PayPal is putting together a team in Ireland to help bolster support for its increasing cryptocurrency services.

  • The company is now hiring for crypto-related positions in roles related to compliance and anti-money laundering.

  • PayPal also listed over two dozen openings for jobs with titles that include "crypto."

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Payments giant PayPal is putting together a team in Ireland to help bolster support for its increasing cryptocurrency services.

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PayPal has a pair of offices in Ireland, located in Dublin and Dundalk, where it employs around 2,800 people. However, the company is now hiring for cryptocurrency-related positions in roles related to compliance and anti-money laundering. Several of these roles are in PayPal’s blockchain, crypto and digital currencies (CBDC) business unit that supports its cryptocurrency integration efforts.

Other job openings

As of August 1, PayPal’s hiring page included crypto-related job openings in Dublin and Dundalk. One position is described as being involved with financial crimes investigations and customer protection. PayPal also advertises for blockchain analytics experts at both of its Ireland locations.

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The same day, PayPal listed over two dozen openings for jobs with titles that include “crypto.” The jobs listed were for locations in Washington D.C., California, New York City, Nebraska, Arizona, Florida, Guatemala and Israel.

Q2 earnings

This latest announcement comes in the wake of PayPal reporting its second-quarter results last week. Total revenue amounted to $6.24 billion, just shy of the expected $6.27 billion, but still 19% higher year-on-year. Additionally, total payments’ volume was up 40% to $311 billion.

Boosted by cryptocurrency trading volume, PayPal’s payment app Venmo was up 58% to $58 billion. PayPal launched “Crypto on Venmo” in April this year, enabling its customers to buy and sell crypto through the app. This development came following PayPal’s initial announcement that its customers could use cryptocurrency to make payments on its platform.

Even before these latest results, PayPal’s crypto efforts reflected in its bottom line. During Last quarter’s earnings call, the company reported a 29% increase in net revenue year-on-year. At the time, CEO Dan Schulman attributed the growth to the company’s crypto efforts. Even at the latest earnings call, Schulman remarked that “we continue to be really pleased with the momentum we are seeing in crypto.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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