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Paypal to Expand Its Crypto Services Offering to the UK

  • Posted On - 2021-02-16 07:01:24

Digital payments giant targeting non- U.S. countries. Paypal expands its crypto services to the U.K. So, buy,sell and hold digital asset products could be available for Paypal’s U.K. customers in “a few months.”

In Paypal’s Investor day 2021 occasion ,executive chief strategy and growth officer at the digital payments firm, Jonathan Auerbach , disclosed the  plans of deploying the crypto services in the area.

According to Jonathan Auerbach, the crypto product has surpassed Paypal’s expectations in the U.S. In October 2020, the firm declared customers could buy, sell and hold bitcoin and alternative virtual coins with the company’s online wallets.

After a month , during an earnings call, Digital payments giant said that “all eligible Paypal account holders in the U.S.” could access the service. The crypto service supports ethereum (ETH), bitcoin (BTC), bitcoin cash (BCH), and litecoin (LTC).

Executive added the following comment in the Investor Day event:

“We’re actually looking at our crypto services to help position Paypal, to help shape the role of cryptocurrencies and CBDCs in consumer payments, commerce, and financial services safely and securely”

He said  that though “so early days for us here, we're moving rapidly.”

Paypal to Launch a Dedicated Crypto Business Unit

During the event, Paypal also declared  that Venmo, a payment app acquired by the corporate  in 2014, is set to enable its crypto feature in the first semester of 2021. Moreover, Paypal is expected to allow its users to buy with cryptos later this year.

The corporation's plans with cryptocurrencies seem to be ambitious. As reported on February 3, 2021, Daniel Schulman, Paypal’s CEO, added that the firm is set to launch a new crypto business unit later this quarter.

He also said on how Paypal is betting firmly on the crypto business:         

“We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future”