PayPal expanding crypto services to U.K. residents

Residents of the UK will be the first people outside of the US to be able to use PayPal to buy and sell cryptocurrencies.

According to journalist Karl Quintanella, the payment platform is Planning To expand crypto offerings to the UK in the coming months. PayPal also plans to make encryption available to Venmo wallet holders before the end of the second quarter of 2021. Other unencrypted services include expanding Venmo internationally before 2026 and rolling out app credit cards more widely.

PayPal CEO Dan Shulman said the company will add buy, sell and store cryptocurrency features to “Venmo and Selected International Markets” in 2021 during last week’s fourth-quarter earnings call. However, it was not clear which market would be the first to offer. Schulman said the company was “investing heavily” in its cryptocurrency, blockchain and cryptocurrency arm after the launch of crypto services exceeded “expectations”.

Users in the US have been able to purchase cryptocurrencies directly through the PayPal app since November, when the company took a big step towards adopting digital assets. Since that time, the trading volume of cryptocurrencies on the platform has reached record levels, peaking at $ 242 million in transactions on January 11th.

The platform’s customers will soon also be able to use cryptocurrencies to shop at any of the 29 million merchants in its network before the second quarter of 2021, according to Schulman in the latest earnings call. The CEO said at the time that PayPal was actively working with regulators and central banks to “shape the future” of the post-material world.

Cointelegraph has contacted PayPal for comment, but has not received a response at time of publication. We will update if needed.