The U.K. is one of PayPal's biggest markets, and it's also home to 1.9 million crypto owners.
We’re starting to get an insight into PayPal’s plans to roll out its crypto service worldwide. Its next stop? The United Kingdom.
PayPal has been *very happy* with how its digital assets offering has performed since it launched in the U.S. last year. The company recently revealed that users who have bought Bitcoin, Ethereum, Litecoin or Bitcoin Cash tend to log in twice as much as they did before.
All of this means that British consumers will be able to easily access crypto — and in time, will get the chance to spend it with millions of merchants.
The U.K. is one of PayPal’s biggest markets, with tens of thousands of businesses allowing their customers to check out using its infrastructure. Indeed, research from the country’s Financial Conduct Authority found that 1.9 million Britons owned cryptocurrency.
PayPal has already announced that it plans to aggressively expand its crypto offering over the coming year — and intends to throw a lot of cash at its digital assets unit in 2021.
The company’s service, which enables users to buy, sell and hold crypto, has also now been rolled out across the U.S. after a waitlist was removed.
But even though the fiat-focused payments giant has been one of the first movers in the industry — prompting the likes of Mastercard to play catch up — it seems unlikely that PayPal will follow in the footsteps of Tesla by buying Bitcoin as a reserve asset.
In an interview with CNBC, the company’s chief financial officer John Rainey said:
“We’re not going to invest corporate cash, probably, in sort of financial assets like that, but we want to capitalize on this growth opportunity that’s in front of us.”