PayPal Mulling Over Launching Digital Asset Trading In The United Kingdom

Global payments giant PayPal is looking towards the UK as the next market in which to expand its digital asset trading services.

As per PayPal’s 2nd quarter earnings call on Wednesday, the firm has done very well out of virtual asset trading for the period. Dan Schulman, the CEO of PayPal stated that the United Kingdom is probably the next nation where virtual asset trading is offered.

He stated,

“Yeah, well, we continue to be really pleased with the momentum we’re seeing on crypto. […] We’re going to launch, hopefully, maybe even next month in the U.K., and open up trading there.”

He further mentioned that the firm is adding “incremental functionality” to the virtual currency trading platform. Meanwhile, the company has already stretched the cryptocurrency buying limits to a hundred thousand dollars per week on 15th July.

Apropos DeFi, Schulman mentioned that the payments giant was looking into “what the next generation of the financial system looks like” and how to integrate smart contracts and Dapps into the platform. He 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.”

Notably, the aforementioned comments come at the same time a leaked video from the recent EthCC conference in Paris divulged that Uniswap, which is the world’s largest DEX, has been in talks with PayPal, among other fintech establishments, on the subject of DeFi integration.