PayPal set to launch crypto trading and Defi in the UK
A global platform for payments, PayPal is now looking towards the United Kingdom as its next market for expansion of crypto trading and DeFi services. Based on its second-quarter earnings call, PayPal has registered huge gains from crypto trading, fueling its charge to invest more in the space.
CEO of PayPal, Dan Schulman, said that the UK looks like the next country where crypto mining and crypto trading can be offered, expressing great content with the momentum in its crypto trading. He indicated that within the “next month in the UK”, PayPal would be launching crypto trading “hopefully.”
In addition, Schulman also said they were adding “incremental functionality” to the upcoming crypto trading platform, having already witnessed a $100,000 per week escalation in purchasing limit as per July 15. He further informed that PayPal is busy working on fully integrating open banking systems into ACH that would enable faster payments. ACH, he said, is PayPal’s Automated Clearing House, a transaction service that makes it easier for merchants to electronically collect payments from respective customers through direct debit in their savings accounts.
Schulman also disclosed that PayPal owned-Pay with Venmo’s revenues has grown by 183 per cent in over a year, and that there has been high adoption of crypto trading on Venmo.
Cointelegraph had reported on July 28 that PayPal’s “super app” slated to feature high yield savings, messaging abilities, Earlybird access to direct deposit funds, and increased crypto functionality, “is almost ready for launch.” Addressing the same, Schulman suggested that PayPal was interested in looking into what the next generation of financial systems would like. He detailed that the platform was exploring Defi integration, how smart contracts could work with more efficiency, how the digitization of assets would enable opening up for customers with no financial systems accessibility, and more.