PayPal, a global payment platform, is looking at the UK to expand its crypto trading services.
According to the PayPal’s financial report, they have done well in cryptocurrency trading over the past year. Dan Schulman, chief executive of PayPal, stated that the UK is likely to be the next country in which the company will offer cryptocurrency trading
Yes, well, we are still really pleased with the kind of power we see on cryptocurrencies. … We are going to start, hopefully even next month in the UK, to open trade there.
PayPal is also working towards open banking integration. Schulman says that this will enable PayPal to integrate with ACH and ease faster payments. ACH – Automated Clearing House – Payment service that allows merchants to collect payments from customers. It works by debiting the customer’s bank account.
Schulman explained that the company is always adding new functions to its platform. The director increased the limits on digital assets purchased to $100,000 per Week.
Schulman said that Pay with Venmo had seen a 183% growth in its revenue over the past year. It was evident that crypto trading is being adopted and grown on the subsidiary’s platform.
Schulman suggested that on decentralized finance, PayPal is looking at the next generation of the financial system and integrating smart contracts and decentralized apps into its platform.
How can we use smart contracts more efficiently? How can we digitise assets and open them up to consumers who may not have had access to them before? There are also some interesting DeFi apps. And that’s how we work really hard.
These comments were made at the exact moment as a leaked video from last week’s EthCC conference was published. It was revealed that Uniswap (the world’s largest decentralized currency) was in negotiations with PayPal.