PayPal 'Really Pleased' with Crypto Service and Plans to Expand to U.K. This Summer
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PayPal 'Really Pleased' with Crypto Service and Plans to Expand to U.K. This Summer

1 year ago

Dan Schulman has also hinted that the payments giant may begin to dabble in decentralized finance.

PayPal 'Really Pleased' with Crypto Service and Plans to Expand to U.K. This Summer

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Bitcoin may have had a fairly torrid quarter, but it doesn’t appear to have affected PayPal’s bottom line.

The company says it continues to be “really pleased with the momentum we’re seeing on crypto” — and plans to roll out its crypto service to the U.K. this summer.

PayPal initially began allowing American users to buy, sell and store Bitcoin, Ether, Litecoin and Bitcoin Cash last October.

The platform recently increased weekly crypto purchasing limits to $100,000, with CEO Dan Schulman revealing that users who make the most of this feature end up logging in far more frequently than their fiat-focused counterparts.

Plans to expand to the U.K. and other international markets were first announced back in February, but there has been little in the way of updates since then.

Just the Beginning 

In the past, Schulman has told investors that PayPal has an extensive roadmap when it comes to cryptocurrencies and blockchain — a complete U-turn from his previous skepticism of Bitcoin.

During an earnings call with investors, he also hinted that the payments giant is now looking into “what the next generation of the financial system looks like.”

Schulman said this could include beginning to use smart contracts, allowing assets to be digitized, and embracing DeFi applications.

In recent days, a since-deleted video appeared to suggest that Uniswap has been in discussions with PayPal.

All eyes now are on PayPal’s plans to launch a “super app” that will bring together a plethora of services including bolstered crypto capabilities.

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