UK to become first non-US market to get PayPal’s crypto products

UK to become first non-US market to get PayPal’s crypto products
ôîòî ïîêàçàíî ñ : invezz.com

2021-2-13 12:44

Digital payment giant PayPal has concluded plans to offer its recently-launched cryptocurrency services to the United Kingdom. When it receives regulatory approval, it will be the first time PayPal is offering the service to a non-US market.

The plan is to expand the crypto offerings within this year, although it’s not clear whether the company has received the backing of U.K.’s regulatory bodies.

Crypto services to be offered on Venmo wallet

The company has also concluded plans to offer crypto services to Venmo wallet holders before the end of the second quarter of the year. It will allow more people have interests to invest in cryptocurrencies.

PayPal’s chief executive officer Dan Schulman stated that PayPal plans to add custody, buying, and selling features to “Venmo and other international markets this year.”

PayPal argued that the present financial system is close to running obsolete, and plans to invest a lot of its fund into digital assets and blockchain technology.

Four crypto assets considered for U.K. rollout

The rollout plan in the U.K. will enable customers to buy crypto coins, which will feature four cryptocurrencies – Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), as well as Ethereum (ETH).

Customers will be able to use the crypto coins to buy goods and services from sellers who accept PayPal worldwide.

PayPal’s crypto launch exceeded expectations

The executive vice president at PayPal Jonathan Auerbach stated that the results of the new crypto product lunch have exceeded projections and expectations. He added that it has made it important for the company to expand the product’s offerings to other regions.

Schulman also corroborated Auerbach’s statements by adding that PayPal is “significantly investing” in digital currencies, blockchain, and crypto to consolidate on its earlier success for the products’ launch.

Schulman also said that 10% of PayPal’s clients had access to its crypto service, and the waiting list for the new offers was 300% higher than expected.

The post UK to become first non-US market to get PayPal’s crypto products appeared first on Invezz.

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