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PayPal to launch crypto services in the UK

PayPal UK-IFM_Image
The launch could be as early as next month, according to PayPal CEO Dan Schulman

San Jose-based payment giant PayPal has announced that it will launch its cryptocurrency services in the UK. According to PayPal chief executive officer Dan Schulman, the launch could be as early as next month.

During PayPal’s Q2 2021 investor update call, he said, “We’re going to launch, hopefully, maybe even next month in the UK, open up trading there.”

“We’re also seeing strong adoption and trading of crypto on Venmo. In this quarter, we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services and receive buyer and seller protection for commerce transactions.”

PayPal surprised everyone when it entered the crypto realm last year. Currently, its services are only available in the US. It was a surprise to many because, previously, PayPal’s stance against crypto was negative.

Dan Schulman further revealed during the call 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 with additional crypto capabilities.

Earlier this month, 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.

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