PayPal Will Hire Cryptocurrency Security Experts
PayPal is currently hiring more than 100 employees with expertise in cryptocurrencies. The online payments technology giant plans to expand its talent pool with cryptocurrency experts as well as compliance teams. Some of the new PayPal cryptocurrency experts will focus on compliance and thwarting money laundering effort schemes.
The company has 31 cryptocurrency compliance investigation jobs listed on its corporate hiring website. Titles such as Cryptocurrency Investigation Specialist, Manager Tax – Cryptocurrency Reporting, Director of Global Sanctions Crypto Policy are all open.
Not all positions are for compliance though. Some job openings include legal counsel, software development, as well as technical architects.
Open jobs are spread throughout the United States, Ireland, Hong Kong, and Israel. Some jobs are listed under PayPal while others are for Venmo.
The announcement comes on the heels of a statement from the US Securities and Exchange Commission (SEC) Chairman Cary Gensier. The SEC wants more regulation on cryptocurrencies to protect US consumers. Gensier also wants US Congress to give the SEC more authority over and additional authority granted to the SEC.
“The SEC has a three-part mission — to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets in between them. We focus on financial stability as well. But at our core, we’re about investor protection,” said the SEC in a statement.
PayPal announced in October 2020, that its US based account holders would soon be able to exchange and hold cryptocurrencies in their PayPal wallets. The company partnered with Cryptocurrency Partner Paxos to provide the new payment options.
Shortly after that, in November 2020 PayPal US based account holders were able to buy, hold, and sell cryptocurrencies Bitcoin, Ethereum, and Litecoin.
Then US based users who hold cryptocurrencies in their PayPal wallets finally got the ability to pay for purchases using their cryptos. However, the retailers are not actually accepting cryptocurrencies. PayPal exchanges the money into flat currency to make it easier and more acceptable to retailers.
Cryptocurrencies are well known for their volatility and fluctuations in value. This makes them unappealing to risk adverse retailers who could easily lose money on hard goods. Conversely, a savvy retailer could make a ton of money if the cryptocurrency increased in value rapidly.
“Right now, we just don’t have enough investor protection in crypto. Frankly, at this time, it’s more like the Wild West,” the SEC also stated.
The company also expanded its digital wallet services through a deal with retailer CVS. In November 2020, CVS started accepting PayPal and Venmo QR code payments. Although vastly different from paying with cryptocurrencies or more robust digital wallets – paying with QR codes is certainly a step in the right direction toward mobile payments.