PayPal is now all set to expand its crypto service to the UK next month. It has been reported by PayPal that if things will go as planned then they will surely open the trading option for cryptocurrency by the end of August 2021.
The global service provider PayPal has done an amazing job for a period of time in crypto trading. First, it started with a “buy, sells, holds” offering for Bitcoin only, but later on, the company decided to expand its wings to other cryptocurrencies also. The aim of this global service provider is to advance the utility of digital Currencies. Later this week, it has also increased the purchase limit to $100k and announced that they are also planning to unite banks with their payment platform so that it can provide their customers an amazing swift payment experience. However, there still is one drawback to this payment platform that it doesn’t let users send and Withdraw crypto assets. But to resolve this issue, the platform is planning to enable payment to their third-party apps.
Also Read: Top 10 Most Promising Cryptocurrency in 2021
Dan Schulman, CEO of PayPal announced that the United Kingdom is likely to be the next country where PayPal’s crypto service will be offered.
He quoted ” 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., open up trading there”
He even said that the company has decided to add “incremental functionality” to the platform, to increase the crypto purchasing limits to $100k per week.
It has been confirmed from the comments of Dan Schulman that Paypal is also looking to embrace DeFi or decentralized finance. He suggested that this payment platform is looking into “what the financial system looks like in future generations” and “how smart contracts and decentralized apps can be integrated into the platform.
He quoted ” 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 them before? There are some interesting DeFi applications as well. And so we are working really hard.”
Cointelegraph reported on July 28 that Paypal’s super app is almost ready to get launched. This super app will feature early access to direct deposit funds, additional crypto functionalities, high yields Savings, and messaging capabilities.
The statistics suggest that now the number of people holding Cryptocurrency assets has doubled from what the number was 6 months back. Today more than 1100 million people hold crypto assets, which is pretty insane and shows how people are going crazy for cryptocurrency.
Well, what are your thoughts on PayPal expanding its services to the United Kingdom? Let us know in the comments below.