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PayPal to expand its crypto business into the UK

  • PayPal will roll out its crypto business beyond U.S. borders, and the UK will be the first destination.
  • PayPal’s crypto products in the UK will go live in a few months.
  • UK users will be able to buy, hod, and sell four select cryptocurrencies.

Financial services company PayPal Holdings Inc. is planning to extend its crypto business beyond America’s borders.

The company announced that it will allow UK residents to buy, sell, and hold crypto assets in just a few months.

PayPal’s crypto services coming to the UK

On its Investors day, PayPal’s Vice President and Chief Strategy, Growth and Data Officer Jonathan Auerbach explained that the current financial system is antiquated and the company will put a lot of money to look into blockchain technology and digital currencies.

UK-based users will be able to buy, sell, and hold four select cryptocurrencies, namely Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Users will then be able to spend their cryptoassets at merchants that accept PayPal worldwide.

While this move will be welcomed by the cryptocurrency community as it fosters further mainstream adoption of digital assets, PayPal did not disclose whether it has secured the necessary regulatory approval to run its crypto business in the UK.

It seems that financial firms are seeing and accepting that the current system is old-fashioned. 

Another financial services giant, Mastercard, recently announced that it would be directly bringing crypto onto its network. Crypto, according to Mastercard, will play a notable role in the future of payments.

It’s still early days

PayPal plans to roll out crypto-as-a-funding-source service in a few months and crypto products in Venmo, a subsidiary of PayPal, will go live in H1 this year.

“We’re actually looking at our crypto services to help position PayPal, to help shape the role of cryptocurrencies and [central bank digital currencies] in consumer payments, commerce and financial services safely and securely,” he said.

“So early days for us here, but we’re moving rapidly,” he added.

Moving in the right direction

The expansion comes at a time when the company fully allows all its eligible U.S. customers to buy and sell cryptocurrencies using their online wallets. 

Auerbach added that the results of the new crypto services “exceeded” expectations.

PayPal CEO Daniel Schulman pointed out that about 10% of the company’s users had access to the cryptocurrency services.

Schulman recently said that PayPal is investing in a new business unit focused on cryptocurrencies.

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