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PayPal to introduce crypto trading service to users in the U.K.

The payments giant is getting ready to expand its crypto trading services internationally.

Image by: Wikimedia Commons

Fri, 30 Jul 2021, 16:07 pm UTC

After PayPal’s successful launch of its crypto trading feature in the U.S. last year, the payments giant is looking to expand the service abroad. The company is now looking at the U.K. as the next market where it could expand its crypto trading services.

In its second-quarter earnings call, PayPal posted a strong performance for the period, including its crypto trading service for the period. “On the heels of a record year, we continued to drive strong results in the second quarter, reflecting some of the best performance in our history,” PayPal President and CEO Dan Schulman said. “Our platform now supports 403 million active accounts, with an annualized TPV run rate of approximately $1.25 trillion. Clearly, PayPal has evolved into an essential service in the emerging digital economy.”

The payments giant is also getting ready to expand its crypto trading services internationally. The U.K. has been targeted as likely to be the next country where the feature will be launched.

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

The payments giant is also working on banking integration and plans to “increase the ability to fully integrate it into ACH and do faster payments,” according to Schulman. ACH stands for Automated Clearing House, which is a PayPal service that allows merchants to collect payments by directly debiting their customer’s savings or checking accounts.

Schulman said that PayPal has been adding “incremental functionality” to its platform’s crypto trading feature. For instance, the company has recently increased its weekly crypto purchase limit from $20,000 to $100,000 for U.S. users.

“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit,” PayPal announced earlier this month. “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”

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