After receiving positive reception in the crypto space, PayPal will launch its crypto trading services in the United Kingdom. This is to expand the payment giant’s foothold in the crypto payments scene.
In the company’s second-quarter earnings call, CEO Dan Schuman stated that crypto trading services would soon start in the U.K. In his words,
“Yeah, well, we continue to be really pleased with the momentum we see on crypto. […] We’re going to launch, hopefully, maybe even next month in the U.K., open up trading there.”
PayPal has recently increased crypto purchasing limits to $100,000 per week in the United States.
The CEO stated that PayPal is working on an open banking integration. By doing so, they will “increase their ability to integrate it into ACH and do faster payments fully.” What’s ACH? PayPal’s Automated Clearing House enables merchants to electronically collect payments by directly deducting their checking or saving accounts.
Alongside crypto, PayPal is also looking into DeFi system.
PayPal’s CEO hinted that the payments giant is taking an interest in the DeFi system. He suggested that PayPal is looking into “what the next generation of the financial system looks like”. The company is also evaluating how to integrate smart contracts and decentralized apps into the platform.
In his words,
“How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to them before? There are some interesting DeFi applications as well. And so we are working really hard.”
PayPal isn’t the only payments company interested in embracing DeFi. A leaked video from last week’s EthCC conference revealed that Uniswap is in talks with PayPal regarding DeFi integration.