PayPal's Crypto Payments Are Coming to the UK 2021
After seeing larger than expected demand from US crypto users, PayPal has set a timeline for UK expansion. According to PayPal, PayPal's crypto will be coming to UK in 2021.
The digital payments company PayPal will introduce its suite of cryptocurrency services to UK customers in the next few months. This was announced after Mastercard accept cryptocurrency from the merchants.
Jonathan Auerbach, an executive at the company, shared the update during its investor day online. He added: "We plan to expand our crypto offering geographically to the United Kingdom in the next few months," said Auerbach.
PayPal launched its "buy, sell and hold" crypto offering in the US late last year and partner with coinbase where users able to link their PayPal wallet with coinbase. Crucially, crypto purchased through PayPal can only be spent through the app, meaning funds can't be transferred out to other wallets.
PayPal has been plotting to expand cryptocurrency services to non-US countries, but today marks the first concrete sign of a near-term timeline.
PayPal's stock price has soared over the past year, bolstered in part by retail demand for its crypto products. In Q4 alone, the company netted 16 million new active accounts.