PayPal has announced its plans to expands its crypto services to international markets and reports indicate that the U.K. is its first destination. Users from the United Kingdom will be the first beneficiaries outside of the U.S. market to enjoy buying and selling crypto on the platform.
Carl Quintanilla, a renowned journalist said that the payments service provider is planning to expand its crypto offerings in the coming months to the United Kingdom.
— Carl Quintanilla (@carlquintanilla) February 11, 2021
PayPal also wants to make cryptocurrency available for the Venmo wallet holders by the end of Q2 2021. The other non-crypto services include expanding Venmo internationally before 2026 and a widespread rollout of the app’s credit cards.
Dan Schulman, the PayPal CEO mentioned that his company aims to add crypto custody, buying, and selling features to Venmo and select international markets in 2021 in last week’s Q4 earnings call. Nonetheless, it was not yet clear which market would be the first target for the rollout.
Schulman explained that the company was ‘significantly investing’ in its blockchain, crypto, and digital currencies arm after the launch of cryptocurrency services ‘exceeded expectations.’ Users in the United States managed to purchase crypto directly via the PayPal app since November, when the firm took a bold step towards the adoption of digital assets.
Since then, cryptocurrency trading volume on the payments platform reached record highs peaking at about $242 million in transactions on January 11. PayPal’s customers will soon have a chance to use cryptos to shop at any of the 29 million merchants in its network before Q2 2021, according to Schulman while speaking in the most recent earnings call.
The CEO added that PayPal is now actively collaborating with regulators and central banks to shape the future of a post-physical cash world.