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PayPal’s Crypto Products coming to UK

Payments giant, PayPal announced this Thursday that their buy, sell and hold crypto products would be arriving to the United Kingdom in a couple of months.

The launch of crypto as a funding service from Paypal would be available in a few months as well. Also, the crypto products in the mobile payment service, Venmo will be live in the first half of 2021.

Jonathan Auerbach, Executive vice president, PayPal said that the results from the new product have ‘exceeded’ expectations. He said, “We’re actually looking at our crypto services to help position PayPal, to help shape the role of cryptocurrencies and [central bank digital currencies] in consumer payments, commerce and financial services safely and securely.”

PayPal reported a 11.8% increase in transaction revenue on a QoQ basis in its 4th quarter last year. It has also seen a surge in the platform after option of buying Bitcoins through the portal went live.

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