PayPal, the payments company, will open access to cryptocurrencies for UK customers. Schulman said during the company’s Q2 2021 earnings call.
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“Yes, we’re still pleased with the momentum we’re seeing in crypto assets. We’re going to open, perhaps as early as next month, access to trading [cryptocurrencies] in the United Kingdom,” Schulman said.
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According to the CEO, in the coming months PayPal will launch a cryptocurrency wallet in the United States, which will be integrated into the company’s new financial super app. The latter will be an analogue to Alipay and WeChat — it will include investment services, high-yield savings accounts and check-cashing services, as well as other tools.
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Schulman emphasised that the main objective of the company’s blockchain unit is to help shape the next generation of financial systems. For this, PayPal is also exploring smart contracts and decentralized applications.
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“How can we effectively use smart contracts? How can we tokenize assets and provide access to consumers who may not have dealt with them before? There are a few interesting applications in the sector DeFi. So we are doing a lot of work,” he said.
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1) We talk to a ton of finance/tech companies. Many companies interested in understanding DeFi reach out
2) We\’re not partnered w/ companies mentioned in ETHCC talk
3) Vid deleted at our request b/c we thought could be interpreted to suggest we have relationships that we dont https://t.co/yP0u5KRHTV
— Hayden Adams 🦄 (@haydenzadams) July 28, 2021
“We are talking to a large number of financial and tech companies. Many of those interested in understanding DeFi reach out to us. We are not partnering with the companies mentioned in the EthCC talk. The video was removed at our request because we believed it could be interpreted as an announcement of relationships we do not have,” he wrote.
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In November 2020 PayPal allowed its customers to buy, sell and store cryptocurrencies, and in March 2021 to pay for purchases with them at partner retailers.
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In May the company said it would allow users to withdraw digital assets to external wallets.
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In July PayPal announced an increase in the limit for cryptocurrency purchases for US customers from $20,000 to $100,000 per week.
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