PayPal has created the position of director of anti-money laundering (AML) and blockchain development strategies. A chosen director will join the New York office.
New Director will analyse possible variants of blockchain applying in order to manage risks of financial crimes, to follow AML-investigations and to study new trends of the sphere.
Besides, new employee will analyse risks related to PayPal investment portfolio in blockchain industry and head meetings with external partners. An applicant for this position must have work experience in ensuring legal compliance for at least 10 years.
Last year, PayPal invested money in Cambridge Blockchain company, managing critical data, applying distributed ledger technology (DLT). What is more, the payment platform invested in crypto-banking startup Initialized Capital. Also, PayPal considered joining the Libra Association, but, as a result, it abandoned this initiative.
PayPal conducts its own research activity in the sphere of blockchain. In 2019 the company received a patent for a tool that allows to determine cryptocurrency ransomware programs and eliminate the consequences of their activities.
Last November, CEO of PayPal Dan Schulman noted that he owned Bitcoin, but did not buy other cryptocurrencies.