Skip to main content

PayPal set to launch crypto trading in the UK and may embrace DeFi


The global payments platform wants to let British customers trade crypto on its new “super app”.

Global payments platform PayPal is looking towards the United Kingdom as the next market in which to expand its crypto trading services.

According to the company’s second-quarter earnings call on Wednesday, PayPal has done very well out of crypto trading for the period. CEO Dan Schulman stated that the U.K. is likely to be the next country where crypto trading is offered.

“Yeah, well, we continue to be really pleased with the momentum we're seeing on crypto. […] We're going to launch, hopefully, maybe even next month in the U.K., open up trading there.”

He stated that the company is adding “incremental functionality” to the crypto trading platform, having already increased the crypto purchasing limits to $100,000 per week on July 15.

PayPal is also working on open banking integration, Schulman stated, adding that it “will increase the ability to fully integrate it into ACH and do faster payments.” ACH is PayPal’s Automated Clearing House, a payment service that enables merchants to electronically collect payments from customers by directly debiting their checking or saving accounts.

Schulman revealed that Pay with Venmo revenues grew by 183% year over year, and thathere has been strong adoption and trading of crypto on Venmo. The PayPal-owned firm Venmo launched crypto trading services to an estimated 70 million users in mid-April.

DeFi integration?

Regarding decentralized finance, Schulman suggested that PayPal 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:

“How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well. And so we are working really hard.”

The comments come at the same time a leaked video from last week’s EthCC conference in Paris revealed that the world’s largest decentralized exchange, Uniswap, has been in talks with PayPal, among other fintech firms, regarding DeFi integration.

On July 28, Cointelegraph reported that PayPal’s “super app” which will feature high yield savings, early access to direct deposit funds, messaging capabilities, and additional crypto functionality, is almost ready for launch.

Source: cointelegraph.com


Comments

Post a Comment

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...
Post a Comment
Read more

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, ...
Post a Comment
Read more

Farm GRASS earn MONEY

  Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets.  One such groundbreaking avenue involves earning money by selling your unused internet connection.  By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks.  It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen.  The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...
Post a Comment
Read more