PayPal is Launching Crypto Trading in the United Kingdom

Digital payment service company PayPal has announced an extension of its cryptocurrency trading platform to UK customers.

Trading of crypto assets such as Bitcoin (BTC), Ethereum (ETH), and LiteCoin (LTC) is planned to arrive for UK users by the end of next month.

Currently, PayPal allows cryptocurrency transactions up to $100,000 but retains control of user’s cryptocurrency.

Crypto has become a pivotal new strategy by new PayPal CEO Dan Schulman as he revealed details in his recent Q2 reporting call.

“We continue to be really pleased with the momentum we’re seeing on crypto,” he said.

“We’re going to launch, hopefully, maybe even next month in the UK, open up trading there.”

Former CEO Bill Harris described Bitcoin in 2018 as “a useless payment system, and a ridiculous store of value”.

Jose Fernandez da Ponte, Vice-President for Blockchains, Crypto, and Digital Currencies has indicated that crypto trading would be a future feature incorporated into the Venmo platform, an app owned by PayPal.

Schulman noted that Venmo is preferential as it can be used easily in day-to-day commerce, also noting the app’s rapid growth to 70 million users and revenues in excess of 180%.

“We’re also seeing strong adoption and trading of crypto on Venmo,” he added.

“In this quarter, we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services.”

“We’re working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting,” Schulman explained.

“And so we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.