• The PayPal payment platform has accepted crypto payments since March 2021.
• Kraken, BNY Mellon, and Gemini are struggling to establish their crypto operations in Ireland.
According to local media, PayPal, the largest payment platform, is trying to break into Ireland’s crypto market. A few months ago, the company showed its support for cryptocurrencies, especially Bitcoin, which can be bought freely.
With its enigmatic agency in San José, California, the company opened some crypto-related job openings. In this way, the platform will create a work team that will support the current crypto market.
It wasn’t until April that PayPal sent over 130 workers from its agency in Ireland to other regions. However, the company has consistently reiterated its commitment to the country.
PayPal and its support for cryptocurrencies
The payments company launched a cryptocurrency network last year that boosted the Bitcoin price. By October 2020, BTC took off at over 20 percent of its value, starting an upward trend. This was followed by all crypto trading in the US, which dramatically increased the popularity of the token.
In March, PayPal launched its new form of payment in cryptocurrencies, and for the third quarter, this remains operational. During the crypto payments announcement, the company’s CEO said it would open its crypto operations for the UK. According to the company CEO, crypto payments would lead to the European region by the beginning of August.
PayPal works on a simple crypto withdrawal option for new investors. The Robinhood platform, the payment company, offers the IOU service for crypto withdrawals, which has been seen to bring controversy.
Crypto companies have competition in Ireland
PayPal is not the only platform that wants to enter the cryptocurrency market in Ireland. Kraken’s website, also located in California, said it would enter the crypto financial market for Dublin citizens in Ireland. Both payment companies are going head to head regarding entering the European country.
However, PayPal may be victorious because it has a better reputation than the competition. The most significant bank in North America, BNY Mellon, is also interested in engaging the Irish crypto market. These are three experienced competitors looking to welcome the country’s new crypto investors in Europe.
The reason crypto companies are targeting Ireland is because of their current lack of Bitcoin adoption. Many citizens in the European region are unaware of crypto or do not have secure access to it. With this crypto adoption campaign that each crypto company plans, Ireland could become one country that uses crypto significantly.
If crypto adoption is relevant in Ireland, this could positively affect tokens. For now, Bitcoin maintains its bullish streak with 0.12 percent in the last 24 hours, and this could increase. It is estimated that over 50 percent of citizens in Ireland are eager to use cryptocurrencies from any company promoting them.