The payment company had shared its plans some days ago concerning expanding its crypto services to other countries. PayPal explained how its US crypto services had exceeded expectations with the large trading volumes and revenue. The firm joined the crypto space last year to offer some crypto-related services such as buying and selling some digital assets.
The online payment company is one of the most influential mainstream companies that joined the digital asset space. With PayPal’s entry, many new traders got interested in the space and invested millions of dollars. The company’s presence brought higher retail volumes because of its top-notch security and accessibility. Now, PayPal makes new moves to join the UK crypto market to offer services to its residents.
PayPal to offer UK residents crypto-related services
Although many UK residents don’t understand cryptocurrencies, PayPal’s services could help the locals get better information and top-notch services from the well-known payment company. The firm’s Vice president, Jonathan Auerbach, declared the new expansion plans on February 11th.
The new move would undoubtedly help the cryptocurrency industry get some mainstream exposure in the United Kingdom. Still, sources are yet to ascertain if PayPal had followed some of the country’s regulatory measures for exchanges. Interestingly, PayPal spoke on the move by saying that the present financial step is outdated and plans to explore the blockchain and digital assets industry.
The vice president spoke on the firm’s app Venmo, being the host to some of the new features available for some international markets within the next six months. The company also added that it would facilitate crypto payments for millions of merchants, making them accept digital assets as a payment option.
Presently, the payment company supports only four cryptocurrencies, namely, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, meaning that UK residents can use the firm’s app to purchase, hold or sell those assets. Crypto holders can also utilize those four assets to make payments to merchants who use PayPal as a payment method.
PayPal makes more business moves
The firm has previously offered limited crypto services to clients, but it could expand its services globally with the removal of its waitlist. The removal means that all US-based customers can utilize the platform to make purchases, hold or sell their assets through their online wallets. The company has been outstanding in its current services as it announced over $200 million worth in trading volumes last month.
A while ago, the firm’s CEO, Daniel Schuman, said not many people have access to the platform’s crypto services and that the company had many consumers on its waiting list. Fortunately, the entrepreneur said that the firm would offer more services to users globally, having over 300 million users worldwide within the first six months in 2021.
Following the company’s move towards the digital asset space, it had partnered with another crypto service provider known as Paxos Trust Company. Some sources shared that the payment giant would likely acquire some exchanges in its expansion plans.
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