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PayPal and Blockchain

July 14, 2020

PayPal recently announced that the company is looking for the job applicant for the position of Anti-Money Laundering and Blockchain Strategy director for The Global Financial Crimes department. 

It should be reminded that PayPal is the largest American company that provides the services connected with online money transfers as the alternative to traditional payment methods. PayPal’s services are used worldwide by auction sites, online vendors and other companies to process transactions, pay for purchases, send or receive money.

PayPal now has a presence on 202 financial markets with 305,000,000 active accounts. PayPal’s customers are able to make transactions in 25 currencies worldwide.

PayPal
PayPal

PayPal is searching for AML director

The Global Financial Crimes Organisation is the division of the company that is responsible for preventing and detecting the crimes in finance as money laundering or financing of terrorism acts. 

According to the vacancy, the new director of GFC – based in New York – will have the following responsibilities:

  • evaluation of the blockchain use cases and detection of the risks of financial crimes;
  • monitoring the investigative activities in anti-money laundering;
  • tracking the emerging trends in anti-money laundering and financial crime prevention.

The job applicant should be an expert in blockchain technology and have deep knowledge of investigative practices. The staff member will work together with the strategists and business representatives in evaluating new partnerships and strategies. 

The future director of the Anti-Money Laundering and Blockchain Strategy department will provide the business owners with the daily consultations concerning the risks in the development and realization of the new products, especially blockchain-related ones. 

Further, we will list the qualifications of the successful candidate that are required for this position. The perfect candidate is expected to have expertise in the following fields:

  • minimum 10-year experience in AML, law enforcement or Compliance;
  • background in a blockchain-related company, specializing in finance;
  • deep understanding of the risks connected with cryptocurrencies, controls, and opportunities for development;
  • technical knowledge of Anti-Money Laundering regulations;
  • a nuanced understanding of the Bank Secrecy Act, the FinCEN Prepaid Access Rule, and USA Patriot Act;
  • various soft skills as leadership, the ability to influence people, the ability to organize and prioritize daily tasks and many others.

PayPal presents itself as the purpose-driven company which holds the highest ethical standards and commitment to treating every person who is related to the company with respect and dignity. PayPal’s employees tend to put questions and find solutions. 

In the job application, PayPal states that the employment position is open to every person, regardless of age, color, national origin, the status of citizenship and gender. 

The digital payments giant has previously shown interest in the cryptocurrencies and blockchain technology landscape. Last year, PayPal won a patent for a tool that is able to detect crypto-extorting ransomware and reducing its damage. 

PayPal and other blockchain-related initiatives

PayPal has previously advertised the vacancies for engineering positions pointing out that the company will be developing blockchain capacities. The company now is putting together the group that will be responsible for the development of blockchain strategy, within the Strategic Technology Enablement division. 

The online payment service provider has also contributed to developing new ways to make blockchain payments faster. As the research shows, nowadays users prefer applying traditional payment methods due to the low speed of cryptocurrency transactions. The average waiting time is about 10 minutes.

The online payments company has paid special attention to blockchain since 2014 when it launched the opportunity to accept bitcoin for sellers. PayPal was one of the first companies to provide the merchants with the ability to receive payments in bitcoins through Braintree, by partnering with payment processors Coinbase, BitPay, and GoCoin.

In 2016 PayPal hired the Wences Casares, CEO of bitcoin wallet startup Xapo, as one of the directors. Nevertheless, the company holds the position of supporting blockchain technology, instead of supporting bitcoin as a separate cryptocurrency. The company believes that it is too early to claim that bitcoin will become the future of payments. 

In addition, in November 2018 the company launched the blockchain-based system that rewards PayPal’s employees in San Jose with tokens. The website is aimed to teach the employees how to manage and use virtual currency. 

The staff members are able to earn the cryptocurrency due to their participation in the innovative programs. However, the tokens cannot be used outside the company, the reward is aimed to encourage the company’s workers to take part in the activities of the company. The earned tokens can be exchanged into some of the 100 experiences. Among these experiences, there is the opportunity to learn martial arts with PayPal’s CEO, Dan Schulman, to have a coffee with the Chief Financial Officer, John Rainey or to play poker with the company’s vice presidents.

In April 2019 PayPal invested in a startup on the basis of blockchain technology. Cambridge Blockchain uses this technology for managing confidential data. The reason for investing was the company’s belief that applying blockchain for digital identity would be beneficial for the companies providing financial services, including PayPal. Cambridge Blockchain provides its users with the ability to verify private information without the need to share it with the third party.

Also, the company has experience in partnering with Facebook, as a part of its blockchain-related project, Libra which release was announced in 2020. However, in October 2019 PayPal and other companies connected with online payments, like Visa, MasterCard, eBay, Stripe and Mercado Pago refused to participate in the project. PayPal did not reveal the reason for the withdrawal the participation in Libra Association but stated that the company was going to focus on its existing mission and business priorities. We can assume that PayPal decided to pay more attention to its own projects connected with blockchain.

So, it is now obvious that PayPal is going to develop the potential of blockchain technology. Blockchain has numerous advantages for businesses as independence from third parties, high level of security, the inability to change or delete the data, the protection of data through cryptography and many others. The results of the new blockchain-related strategy, chosen by one of the world’s largest online payments company will be seen in the nearest future. 

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