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Saturday, October 16, 2021

PayPal Will Be Launching Crypto Trading In The UK

PayPal, a global platform for payments, has been looking towards the United Kingdom as quite possibly the next market where one would expand their crypto trading services. According to the second-quarter earnings call of the company on Wednesday, the company has done quite well out of trading cryptocurrency for the interval.

The CEO of PYPL, Dan Schulman, has stated that the UK will likely be the next country where cryptocurrency trading will be offered. According to the CEO, the officials have been quite pleased seeing the momentum which they have been seeing with respect to crypto. 

PayPal’s DeFi Integration

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Further, Dan Schulman stated that PayPal was adding incremental functionality to the platforms of crypto trading- where it had already increased the limits of crypto purchasing to $100,000 per week since the 15th of July.

The payment platform has also been working on integrating open banks, which will increase the ability of the company to fully assimilate into ACH- leading to faster payments. ACH is the Automated Clearing House of the platform- which in itself is a payment service that will enable merchants to collect payments electronically from their clients by directly debiting their saving accounts. 

Schulman stated that PayPal with Venmo has grown over 183% year over year, and there have been multiple forays into the trading of crypto along with strong adoption into Venmo. Venmo is owned by PYPL- and has launched services into crypto trading to an estimated 70 million users since mid-April. 

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The CEO of PayPal has suggested that the company will be looking at the next generation of a financial system which is decentralized finance- where they would be working on the integration of smart contracts and decentralized apps into the payment platforms

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