The global payment platform PayPal sees the UK as the next market to expand its encrypted transaction services.
According to the company’s second quarter financial report call On Wednesday, PayPal performed well in cryptocurrency transactions during this period. CEO Dan Shulman said that the UK is likely to become the next country to offer crypto transactions.
“Yes, we are still very satisfied with the momentum we are seeing in the crypto space. […] We will launch it, and hopefully it may even open in the UK next month, where trading will be opened. “
He stated that the company is adding “incremental features” to the crypto trading platform and has already Increase the cryptocurrency purchase limit to 100,000 USD per week July 15th.
Schulman said that PayPal is also working on open banking integration, adding that it will “improve its ability to fully integrate it into ACH and make faster payments.” ACH is PayPal’s automated clearing house, a payment service that enables merchants to collect payments from customers electronically by debiting them directly from their checking or savings accounts.
Schulman revealed that Pay with Venmo’s revenue increased by 183% year-on-year, and the adoption and transaction of cryptocurrencies on Venmo is very good. PayPal-owned company Venmo launched an encrypted trading service to an estimated 70 million users in mid-April.
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 do we use smart contracts more efficiently? How do we digitize assets and open them to consumers who may not have access before? There are also some interesting DeFi applications. So we really work hard.”
Comments leaked at the same time video It was revealed at the EthCC conference in Paris last week that Uniswap, the world’s largest decentralized exchange, has been negotiating with PayPal and other financial technology companies on DeFi integration.
On July 28, Cointelegraph reported that PayPal’s “super app” will provide high-yield savings, early access to direct deposit funds, messaging and additional encryption features. coming soon.