PayPal will launch cryptocurrency transactions in the UK and may integrate DeFi

The global payment platform PayPal hopes to allow British customers to trade cryptocurrencies on its new “super app.”

The global payment platform PayPal is using the UK as the next market to expand its cryptocurrency trading services.

According to PayPal’s second quarter earnings conference call on Wednesday, PayPal performed very well in cryptocurrency transactions during this time. PayPal CEO Dan Schulman said that the United Kingdom may be the next country to offer cryptocurrency transactions.

Yes, we continue to be very happy with the momentum we see in cryptocurrencies. […] We will launch and even hope to open trading in the UK next month.

He stated that PayPal is adding “incremental features” to the cryptocurrency trading platform and has increased the cryptocurrency purchase limit to $100,000 per week on July 15.

Schulman said that PayPal is also working on integrating open banking services, adding that it “will provide the ability to fully integrate into ACH and achieve faster payments.” ACH is PayPal’s automated clearing house, a payment service that enables merchants to collect payments from customers electronically by deducting money directly from customers’ checking or savings accounts.

Schulman revealed that Venmo’s payment revenue increased by 183% year-on-year, and the adoption and transaction of cryptocurrencies on Venmo has been strong. Venmo, a PayPal company, launched a cryptocurrency transaction service to approximately 70 million users in mid-April.

Integrated DeFi?

Regarding decentralized finance, Schulman suggested that PayPal is studying “what the next generation financial system looks like” and how to integrate smart contracts and decentralized applications into the platform.

How can we use smart contracts more effectively? How do we digitize assets and open them to consumers who may not have had the opportunity before? There are also some interesting DeFi applications. Therefore, we are working very hard.

While making these comments, a video leaked at the EthCC conference in Paris last week showed that Uniswap, the world’s largest decentralized exchange, has been negotiating with PayPal and other financial technology companies to integrate DeFi.

On July 28, Cointelegraph reported that PayPal’s “super app” will be launched soon. This app will feature high-yield savings, early direct deposit funds, messaging and additional cryptocurrency features.

Text: MARTIN YOUNG

 

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