PayPal Embracing DeFi, Launching Crypto Trading In The UK

PayPal is a famous global payments platform. It sees the United Kingdom as the next market where it can expand its cryptocurrency trading services. On Wednesday, according to the firm’s second-quarter earnings report, PayPal performed very well in cryptocurrency transactions during this period. The CEO of PayPal, Dan Schulman said that the company is looking forward to offering its crypto trading in the UK. He stated, “Yeah, well, we continue to be really pleased with the momentum we’re seeing on crypto. […] We’re going to launch, hopefully, maybe even next month in the U.K., and open up trading there.” He argued that the company will increase its cryptocurrency purchase limit to $100,000 per week as early as July 15 to add “additional features” to the cryptocurrency platform.

PayPal CEO Dan Schulman Says

Currently, the company is also working on open banking integration. Dan Schulman said, “It will increase the ability to fully integrate it into ACH and do faster payments.” ACH is PayPal’s automated clearing house.

It is a payment service that allows merchants to electronically collect payments from their customers by debiting them directly from their checking or savings accounts. The CEO also reported that Pay with Venmo increased by 183% year after year. Also, Venmo is actively adopting and commercializing cryptocurrencies. Venmo, a subsidiary of PayPal, launched a cryptocurrency transaction service to approximately 70 million users in mid-April. While talking about decentralized finance, Schulman also spoke about how the company is studying “what the next generations of the financial system look like” and how they can integrate both smart contracts and decentralized apps into their platform. “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 that before? There are some interesting DeFi applications as well. And so we are working really hard.”

These comments were accompanied by a video that was leaked at the EthCC conference in Paris last week. It showed that the world’s largest decentralized exchange UniSwap is negotiating with companies such as PayPal to integrate DeFi along with other such fintech firms. On the 28th of July, the news was out that PayPal’s “super app” is almost ready. It includes high yield savings, early access to direct deposit funds, messaging capabilities, and additional crypto functionality.

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