TL;DR Breakdown
- Paypal expand crypto service to UK.
- Firm to foray into DeFi soon.
Global finance firm, PayPal, less than one year after its foray into the crypto space has begun expanding its crypto service. The firm has enabled UK users to access crypto services that were previously exclusive to US users.
In an announcement on Sunday, PayPal said that UK users through the platforms website or mobile app would be able to access BTC, BCH, ETH and LTC.
The move is another step towards bringing more exposure to the crypto industry as report have it that the payment giant has the highest penetration in the UK with over 2 million active users in the entire European continent.
PayPal to further foray into DeFi
Beyond only providing access to basic crypto services for users, PayPal is said to be planning to enter the decentralized finance space which it may eventually integrate with its crypto service.
CEO Dan Schulman suggested that the firm was looking into “what the next generation of the financial system looks like” and how to integrate smart contracts and decentralized apps into the platform.
Before the official announcement that the payment giant would begin providing access to crypto, rumors hinted at the move back in July. Schulman told investors that the U.K. is likely to get the service soon.
Why payment giant began crypto services initially
PayPal revealed it would debut in the crypto space in October 2020. Ever since then, it has seen massive crypto engagement on its platform and recorded impressive results.
According to Jose Fernandez da Ponte, a senior executive for PayPal’s crypto division, he explained that digitization of money during the pandemic was one of the reason the payment firm was motivated to go crypto.
He noted that the firms global reach, expertise in digital payment and other factors afforded them the opportunity and responsibility to help people in UK explore crypto.
It has been success upon success since PayPal debuts its crypto service in the US as it recently increased the limit for US residents to $100,000 weekly while eliminating monthly and yearly limits.
