How PayPal Will Help SafeMoon Reach $1. Disclaimer. Also if you are interested in getting price predictions and crypto news literally every hour, then join my telegram channel, we already have more than 2400 people. By the way, be careful of scammers pretending to be me on social media. I would never ask your 12 secret words. Links to my official Social Media accounts are in the description. This is a giveaway winner from yesterday.
Hey guys. Welcome back to the channel. And if it’s your first time, a very special welcome to you. This is your go-to channel for all the latest news and updates about SafeMoon. So, make sure to subscribe to the channel if you’d like to be kept up to date about all things SafeMoon and crypto in general. Alright, that said, let’s get into today’s video. PayPal has a major announcement and it might just be great news for SafeMoon.
Now, this is from Coin Telegraph. “Payments provider company, PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform. During PayPal’s Q2 2021 investor update call on Wednesday, CEO Dan Schulman said the initial version of the company’s super app wallet was ‘code complete.’ The PayPal CEO said the company planned for the wallet to be fully ramped in the United States in the next several months. The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities” and more.
Schulman said each would be unique, driven by advanced AI and machine learning capabilities. PayPal reported that it had more than 400 million active user accounts as of June 30 with $311 billion in total payment volume for the second quarter of 2021. Venmo, the PayPal-owned payment firm, which launched crypto trading in April, had roughly $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.
‘We’re one of a few payment companies to allow consumers to use cryptocurrency as a funding source,’ said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.’” So, here’s what all that means… Sometime last year, PayPal made its entrance into the cryptocurrency market. The big-time payment company announced that PayPal’s over 400 million users would be able to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash using their PayPal account.
This year, PayPal also announced that these currencies can now be used to make payments at any of the 26 million merchants on the PayPal network. But the digital tokens would have to be converted to the national fiat first so that the company receives payment in fiat currency and not in crypto.
PayPal opted for this option because that way there could be certain of the value and no incremental fees. According to Coinspeaker, Paxos Trust Company acts as the custodian of the crypto transactions that happen on the payment platform. The company converts crypto into fiat after each crypto transaction which enables a smooth payment process.
The firm which had previously partnered with Facebook in the creation of Libra has now announced that the project is “code complete” and would soon be slowly unveiled all across the United States over the next several months.
PayPal’s ambition to create a super app was quite well known from the get-go. This shift to a super app is supposed to make PayPal something of the American version of India’s Paytm or China’s Alibaba or WeChat. So customers won’t only be making payments with their app anymore. They will be able to access a wide range of other financial activities like direct deposit, check cashing, budgeting, bill payment, subscription management, buy now, pay later, and, of course, crypto support.
Also, considering that the company also recently acquired Honey, we might also expect to see other functions such as price tracking and deal-finding. During PayPal’s earnings call on Wednesday, CEO Dan Schulman revealed other features we could expect from the app such as high-yield savings, early access to direct deposit funds, and message functionality.
News of message functionality coming to the app is definitely being well received among users worldwide. The upgrade would mean that PayPal users will now be able to chat with their friends and family without having to leave the app. The messaging component is definitely a commonsensical addition considering how natural and intuitive it is for chatting and payments to go together.
Automated messages when requesting funds from friends or acknowledging receipt of funds aren’t exactly natural. But with the messaging component, users can now chat with friends and family whether they want to request funds or say thank you for the funds sent. CEO Schulman believes the addition of this component could drive engagement on the platform which will, of course, lead to a bump in revenue for the company.
In addition to all the upgrades to make Paypal into a super app, CEO Schulman also mentioned that there will be additional crypto capabilities although he didn’t exactly spell out what to expect. Already, PayPal has increased the limit for crypto purchases from $20,000 to $100,000 weekly. The company also removed the annual cap as well.
And as we already mentioned, the PayPal app now allows for consumers to check out in crypto at any of the merchants in the PayPal network. As we speak, the code for the app is complete. However, Schulman explained that the PayPal team plans to continue iterating on the product experience until they achieve something of excellent standards.
Rather than a be-all-end-all app released at one go, the PayPal super app would be released steadily with new functionalities added every quarter. Expectedly, all of these upgrades would mean a major change in the app’s user interface. As Schaun explains, “Obviously the user experience is being redesigned. We’ve got rewards and shopping.
We’ve got a whole giving hub around crowdsourcing, giving to charities. And then, obviously, buy now, pay later will be fully integrated into it. The last time I counted, it was like 25 new capabilities that we’re going to put into the super app.
The digital wallet app will also be personalized to the end-user, so no two apps are the same. This will be done using both artificial intelligence and machine learning capabilities to enhance each customer’s experiences and opportunities.” Alright, so why is all of this good news for SafeMoon and how does PayPal’s upgrade to a super app help us as a community? Well, in a number of ways actually, but most importantly, in the potential for massive adoption.
Yes, it is true that SafeMoon is not on PayPal’s list of acceptable coins and tokens but PayPal is still working on accommodating more cryptocurrencies on its platform. So, SafeMoon is going to get listed sooner or later. We are already getting serious hype on social media thanks to all the work the team is doing with the different projects. I personally believe that once we’re able to release our exchange and blockchain, it would seriously boost our chances of getting listed by PayPal.
Project Phoenix will also boost our street cred significantly as well. I mean, imagine half the population of the Gambia getting access to affordable banking and finance services through SafeMoon. That’s a strong enough statement on its own, enough to get us noticed by everyone including big shots like PayPal. And once we are, it’s an immediate game-changer, really. Recently, SafeMoon partnered with Apple Pay which was a huge one for us because of Apple Pay’s staggering user base and global penetration.
Now, PayPal has an even larger user base than Apple Pay. But with PayPal evolving from being a mere payments app to more of a digital financial buddy, especially with the introduction of the messaging feature, more people are going to be signing up for PayPal.
So, the user base for PayPal is only going to get larger. Now, if this happens and we are listed on PayPal, that means we will have more people buying SafeMoon and using it across 26 million merchants in the United States. And this is massive because tokenomics will ensure that daily trade volume is pushed upward while total supply is driven down, thanks to burning.
Of course, this would cause prices to soar and possibly hit $1 per token. So, these are my thoughts. I don’t know what you think. How do you think getting listed by PayPal would help us as a token? Do let me know in the comment section.
I’d love to hear from you. If you enjoyed this video, then please like this video and comment something, this would really help me out to reach the youtube algorithm. But, note that I’m not forcing you to invest in this project. It’s 100% your personal decision.
Also if you are interested in getting price predictions and crypto news literally every hour, then join my telegram channel, we already have more than 2400 people. Don’t forget to check out other videos on this channel. Thanks for watching!.
Read More: SAFEMOON FINALLY PARTNERED WITH APPLE