PayPal is ready to launch crypto trading in the UK
The giant payments platform, PayPal wants to let UK customers trade crypto on its new “super app”.
PayPal, The Global payment platform, is looking forward to the UK as its next market where the company expands its Crypto trading services.
PayPal has performed very well in the crypto trading area for the second quarter, according to its second quarter earnings call on wednesday. CEO Dan Schulman said that the United Kingdom is likely to be the next country where the company expands its Crypto trading services.
“Yeah, well, we continue to be really pleased with the momentum we're seeing on crypto. […] We're going to launch, hopefully, maybe even next month in the U.K., and open up trading there.”
Dan Schulman stated that PayPal has additional “incremental functionality” and also increased the crypto purchasing limits to $100k per week on 15 July.
PayPal is also working on open banking integration, the CEO stated, adding that it “will increase the ability to fully integrate it into ACH and do faster payments.” ACH is PayPal’s Automated Clearing House, a payment service that gives access to vendors to electronically collect payments from customers by directly debiting their checking or saving accounts.
Dan revealed that Pay with Venmo revenues grew by 183% year over year, and that there has been strong adoption and trading of crypto on Venmo. The PayPal-owned firm Venmo launched crypto trading services to an estimated 70M users in mid-April.
Concerning decentralized finance, CEO suggested that PayPal was looking into "what the next generation of the financial system looks like" and how to integrate smart contracts and DApps into the PayPal Platform:
“How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well. And so we are working really hard.”
Some comments come at the same time from a leaked video of the EthCC conference in paris. That revealed that Uniswap, the world’s largest decentralized exchange, has been in talks with PayPal regarding DeFi integration.
On July 28, according to report that PayPal’s “super app” which will feature high yield savings, early access to direct deposit funds, messaging capabilities, and additional crypto functionality, is almost ready for launch.