TL;DR Breakdown:
- PayPal’s crypto service is launching in the United Kingdom in a few months.
- The company said the service already exceeded their expectations.
Online payment company, PayPal, has revealed that its crypto service will be made available for customers in the United Kingdom in the coming months. These will allow UK residents to easily purchase, sell, and hold digital currencies directly on the payment platform. PayPal’s move into the cryptocurrency was a huge milestone, as many people believed it would cause more adoption for Bitcoin and other cryptos amid its vast user base.
PayPal will extend its crypto service in the UK
The payment company reportedly made this known during its investor day on the 11th of February. Besides planning to extend the crypto service in the United Kingdom, PayPal also mentioned that the service would debut on Venmo, its mobile payment service, in H1 of 2021. In the coming months, the company also plans to enable support for cryptocurrencies as a funding service on its platform. Judging by these disclosures, PayPal is becoming an active player facilitating crypto adoption.
Of course, its crypto service launched in the United States has seen immense growth, way beyond the company’s early expectations. In the last quarter of 2020, the revenue from crypto transactions on PayPal increased by 11.8 percent, compared to the last previous quarter. Additionally, the company admitted a massive increase in the number of active users, as most people who bought crypto logged in on the platform twice more than they normally did.
PayPal is taking crypto mainstream
The launch of PayPal’s crypto service is a good thing for making digital currencies more accessible around the world, which will also help position the company, according to the executive vice president, Jonathan Auerbach.
“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. So early days for us here, but we’re moving rapidly.”
