US-based payment giant PayPal has recently launched its cryptocurrency services in the UK. PayPal will now allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week. Previously, its crypto services were only available in the US.
Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies, told the media, “It has been doing really well in the US. We expect it’s going to do well in the UK.”
PayPal surprised everyone when it entered the crypto realm last year. In June, PayPal chief executive Dan Schulman revealed that the initial version of the company’s super app wallet was code complete. The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability along additional crypto capabilities.
During the same period, PayPal revealed that the limit to crypto purchases for its clients in the US would be increased from $20,000 currently to $100,000.
Earlier this year, it was reported that Paypal is planning to acquire Tel Aviv-based cryptocurrency security firm Curv in order to develop its own crypto ecosystem. Terms of the deal were undisclosed, however, the deal was expected to cost around $200 million and to be completed during the first half of 2021.
PayPal’s Jose Fernandez da Ponte said in a statement, “The acquisition of Curv is part of our effort to invest in the talent and technology to realise our vision for a more inclusive financial system.”