After launching its cryptocurrency offerings for its users in the United States (US), the leading online payments firm PayPal has announced that it will soon be bringing its cryptocurrency services to the citizens of the United Kingdom (UK) too. The company has said in the announcement that this expansion will come as part of its plans for launching its digital currency support beyond the US.
As reported by Finance Magnates, the Vice President of PayPal, Jonathan Auerbach, said in a statement that the company is planning the expansion of its cryptocurrency offering across the entire world, and it will start doing that by bringing these services to the people of the United Kingdom. The plans of the company seem imminent as it may enter the United Kingdom cryptocurrency market with its offering within the time frame of the next few months.
Soon users of PayPal residing in the United Kingdom will be provided with an opportunity to access cryptocurrency services such as buying and selling of cryptocurrencies through the platform of the payments giant.
A journalist and Twitter user, Carl Quintanilla, has reported that the company is also planning on adding cryptocurrencies to Venmo wallets as well in the initial half (H1) of the year 2021. According to Carl Quintanilla, holders of Venmo wallets could soon be able to access the crypto services of PayPal before the second half (H2) of the current year begins.
PayPal entered the cryptocurrency world last year in 2020 when it announced that it had launched trading support for four major digital currencies, including the biggest cryptocurrency in the world by market value Bitcoin (BTC), Litecoin (LTC), and two others. At that time, it only restricted its digital currency offerings only to its users present in the United States of America. In the month of November that year, the payments firm opened its crypto offering for all of the eligible users in the country.
The entrance of PayPal proved a boosting factor for Bitcoin as it drove the price value of the flagship cryptocurrency upward, helping the coin to get close to its all-time high value. In the month of December, Bitcoin then retested its all-time high of $20k. Since that day, the top-ranked coin has made several records so far now and is currently fighting for the next bullish breakout that stands at around $50k.