PayPal is Preparing Crypto Products for the UK

 
SHARE:

PayPal (PYPL) announced that its crypto products are coming to the United Kingdom in a few months. The  U.K. is going to be the first market outside the U.S. for PayPal’s buy, sell and hold crypto products.

Its launch of crypto as a funding service will go live in a few months as well, and crypto products in Venmo will go live in the first half of 2021.

According to Jonathan Auerbach, executive vice president and chief strategy, growth and data officer at PayPal, the results from the new product at the e-commerce giant have “exceeded” expectations.

“We’re actually looking at our crypto services to help position PayPal, to help shape the role of cryptocurrencies… in consumer payments, commerce and financial services safely and securely,” Auerbach said.

The payment giant rolled out crypto buying and selling late last year. In the final quarter of 2020, the company gained 16 million in net new active accounts and also handled $277 billion in total payment volume.

The company reported a 11.8% increase in transaction revenue quarter over quarter. Also, according to official statements, Paypal customers who purchased crypto through the platform have been logging into PayPal twice as much as they were before buying crypto.