PayPal is ready to launch its cryptocurrency trading solution in the United Kingdom in the near future. During the second-quarter earnings call held on Wednesday, the CEO Dan Schulman explained that the UK is expected to be the next country with crypto functionality for users.
PayPal to Expand its Crypto Solutions to UK Customers
Clients in the United Kingdom will be able to trade digital assets using the PayPal application in the near future. As the CEO explained, they are pleased with the momentum they see on the crypto market. This is why they want to launch their services in the United Kingdom. This could take place in the coming months.
PayPal has been allowing users in the United States to get access to virtual currencies since 2020. This has also had a very positive impact on the market as users without access to the crypto space could finally get exposure to cryptocurrencies. At the same time, PayPal does not only offer Bitcoin (BTC) but also other virtual currencies.
Furthermore, PayPal is also looking at decentralized finance (DeFi) and how they could integrate that into their app and solutions. Decentralized Finance is one of the latest trends in the cryptocurrency market. It allows users to get access to financial solutions that do not require a centralized party to control the solutions.
On the matter, PayPal’s CEO said:
“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.”
Decentralized Finance apps work with smart contracts and execute them without the need of a third party approving them. Due to this reason, the entire crypto market is now searching for new DeFi apps and solutions.
PayPal expansion in the United Kingdom is not the only positive thing for Bitcoin in recent days. MicroStrategy might also be ready to buy more dollars despite the recent loss on its holdings of over $400 million. MicroStrategy’s CEO, Michael Saylor, said that they intend to continue to deploy additional capital into their digital asset strategy.
The new buying pressure generated on Bitcoin could definitely help the price of the asset move higher. If that happens, then Bitcoin could easily stay above $40,000 in the coming weeks and months. However, it will need the help of the entire crypto community to stay above these levels.
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