The United Kingdom is the next country to benefit from Paypal recently launched crypto services. The payment company has disclosed that it would start offering cryptocurrency services in the United Kingdom later this year.
This move comes almost four months after PayPal first started its crypto services. The services, which began in the United States, has not been extended to any other country. The United Kingdom would be the second country to benefit from the services.
PayPal made this known yesterday while talking to its investors on ‘Investor Day.’ The payment company revealed that it also had other crypto-related plans for this year. Apart from starting crypto services in the UK, it would also start crypto funding later this year. In the first half of this year, Venmo crypto offerings would also commence.
PayPal regulatory Stance to Launch its Crypto services in the U.K. is Still Undefined
There is no mention of regulations by the payment company, making it unclear to know if it has already obtained approval. PayPal recognized that the current financial system was becoming outdated, and needed to be replaced with newer systems. This newer system includes blockchain tech.
The payment company also revealed that the addition of crypto payments has “exceeded its expectations.” In the fourth quarter of 2020, the company’s transaction revenue went up by 11.8% PayPal further observed that customers who bought crypto with it, log in to their accounts two times more.
“We’re actually looking at our crypto services to help position PayPal, to help shape the role of cryptocurrencies,” Jonathan Auerbach, PayPal’s executive vice president says. Central bank digital currencies (CBDCs) are included as well.
He explains that his company is also looking at shaping “consumer payments, commerce, and financial services safely and securely. Although he acknowledges the vision is still in its “early days,” he is sure digital currencies are the future.
Last November, the payment company started offering crypto buying, selling, and holding services to its customers. Cryptos could also be used as a funding option for the company’s numerous vendors. Exchange services from crypto to fiat are also made available.