logo |

News

    Home   >     Industry    >     Main body

    Bullish: PayPal To Extend Crypto Services To U.K As Soon As Next Month

    Abstract:Bullish: PayPal To Extend Crypto Services To U.K As Soon As Next Month
    yy.jpg

      PayPal CEO Dan Schulman confirmed that the payments giant is working on launching crypto services in the U.K. If all goes according to plan, this could be as soon as August.

      “Were going to launch, hopefully, maybe even next month in the U.K., open up trading there.”

      The path to adoption is a bumpy one. While purists argue against corporate participation from the likes of PayPal, and similar firms, the ultimate goal to replace fiat can never to achieved without their involvement.

      This is especially so when considering the average no-coiner, who may recognize the benefits of crypto. But is, for whatever reason, intimidated by the process.

      What PayPal has done in tapping this market is quite ingenious. And with plans to bring crypto services to the U.K, multi-thousands more will gain exposure, which will benefit us all in the long run.

    PayPal Driving Forward With Crypto Innovations

      Speaking at PayPal‘s Q2 2021 earnings call yesterday, Schulman commented that he’s pleased with the current momentum in the markets. Adding that, the company continues to roll out innovative functionality in support of crypto.

      And we‘re, obviously, adding incremental functionality into that whether — you probably saw increased limits to $100,000 a week. We’re right in the middle of some open banking integration, which will increase the ability to fully integrate it into ACH and do faster payments.

      A significant criticism leveled at PayPals crypto service is its closed system, preventing users from sending and withdrawing crypto. Without this functionality, detractors say PayPal crypto is not “real” crypto.

      However, in late May, Jose Fernandez da Ponte, the firms VP & GM, Blockchain, Crypto, and Digital Currencies, announced plans to enable transfers to third-party wallets.

      During yesterdays call, Schulman confirmed they are still working on this. But he failed to give a timeline on when it would roll out.

      “We‘re working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting. And so we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform.”

      Instead, Schulman said PayPal is focusing most of its attention on the bigger picture. That is, thinking about the next generation of financial system, and how they can develop it. He continued by talking about central bank digital currencies (CBDCs).

    PayPal Goes Full Circle

      PayPal stunned the world in October last year when it entered the crypto market, enabling U.S customers to buy, sell, and store Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. But currently, this service is only available in the U.S.

      Previously, PayPal, like many other financial companies, had expressed negative views on cryptocurrency.

      In 2018, former CEO Bill Harris said Bitcoin was “useless as a payment mechanism and ridiculous as a store of value.”

      Now, some three years later, PayPal has gone full circle. But, rather than think another one has succumbed, its more likely that PayPal is simply hedging its bets to avoid becoming irrelevant.

      Of interest is what role they will play in CBDCs and how that may affect their crypto business.

    微信图片_20210625094322.jpg

    New Zealand Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    New Zealand Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.