PayPal’s Financial Crime Division Is Hunting for a Blockchain Expert
Payment giant PayPal is pursuing a blockchain expert to assist in recognizing use cases for the technology in the restriction of financial crimes. According to a job opening issued late last month, the firm desires to appoint a director of AML (anti-money laundering) and blockchain strategy.
The new staffer at PayPal’s New York City office would be liable for “evaluating blockchain use cases with an eye towards financial crimes risk management and overseeing AML investigative activities and emerging trends in this space,” the ad states.
The new director will also evaluate risks associated with the companies in PayPal’s blockchain-related portfolio and “direct external partner diligence meetings linked to blockchain opportunities and potential.” The successful candidate will require to be a compliance professional with no fewer than ten years of experience.
PayPal has previously been displaying an interest in blockchain-based compliance initiatives. Last April, it funded in Cambridge Blockchain, a startup utilizing distributed ledger for handling sensitive data. PayPal decided to finance Cambridge Blockchain “because it is applying blockchain for digital identity in a way that we believe could benefit financial services companies, including PayPal,” a company spokesperson reported.
Late last year, it also entered funding round for cryptocurrency banking compliance startup Initialized Capital. The payments giant had been an early member of the Libra Association however later retracted its support from Facebook’s crypto initiative.
PayPal has been actively investigating blockchain technology. Last year, it obtained a patent for a tool detecting crypto-extorting ransomware and decreasing its destruction. The company has also been seeing into ways to make cryptocurrency payments quicker.
The payments firm has been viewing the crypto industry strictly for years, commencing an option for merchants to accept bitcoin as early as 2014. It also attached Wences Casares, CEO of Xapo and an initial bitcoin advocate, to its board of directors in 2016. Nevertheless, the company has been openly supporting a “blockchain, not bitcoin” attitude towards the technology.