Paypal has been one of the major payment platforms to have integrated crypto back in November 2020. But the access was limited only to the US, which actually hindered the kind of adoption the app could push. It will change very soon, though, as PayPal will expand its crypto service in the UK next month. They plan to open the trading option for crypto there by the end of August if things go as planned.
PayPal pushing crypto adoption
The payment company has been one of the few that has adopted and understood the importance of crypto quite early. Recently the company said that they are going to continuously roll out new features to improve the functionality of crypto support even further. They have even increased the purchase limit to $100k this week and are also planning to integrate banks with their platform. This will enable faster payments and will improve the experience.
The company’s platform had one issue, though, as it didn’t let users send and withdraw crypto. But now, the company’s VP said that they would soon enable payments to their party apps. This is really important as the main way to use crypto is through peer to peer transactions which will need the 3rd party transfer support.
Paypal’s step is bullish
The company has a very large user base in the US and UK. And them enabling crypto service for these nations, it is clear that things will look bullish. Crypto is still in the early stage and needs more adoption, and big companies like PayPal are only helping in bringing that. I am sure after PayPal expands its crypto service to the UK next month, a lot more users will start trading and using crypto.
As of now, reports suggest that more than 110 million people hold crypto assets which is double what the number was 6 months back. The prices maybe have dropped, but the bullish things that are happening in the space are enough to drive more adoption as time passes. In fact, the current trend that BTC is following is more or less similar to Gold back in 1970.
What are your thoughts on the fact that PayPal will expand its crypto service in the UK? And do you think this will be bullish for the crypto markets? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.