PayPal is Getting Even Further into Cryptocurrency Industry

ByEdward Thompson

Jul 30, 2021

Since the end of 2020, PayPal has shown tremendous interest in the adoption and bringing more exposure to the cryptocurrency industry. If a reward was to be given to a mainstream institution for bringing the highest number of investors to the cryptocurrency industry, then it would be undoubtedly PayPal.

PayPal alone had 334 million users when it announced the launch of cryptocurrency adoption through its platform back in October of 2020. At that time, PayPal revealed that it had integrated Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and another major crypto on its platform.

This ended up bringing more user base towards the cryptocurrency industry. For the first time in history, PayPal users were allowed to buy and sell cryptocurrency through its platform. Since then, the cryptocurrency industry has continued taking a flight in the mainstream markets.

As of now, the cryptocurrency industry is among the most valued industries in the entire world, having a market valuation of almost $1.5 trillion.

PayPal did not stop thereafter the first announcement as it continued going further within the cryptocurrency industry. It soon launched its dedicated application for the cryptocurrency trades and titled the application “Venmo”.

Furthermore, PayPal went ahead and reportedly let the user purchase products using cryptocurrencies. This has provided the cryptocurrency industry even more exposure among the merchants who would be able to accept crypto for sales of their products.

PayPal has now gone ahead and has made another announcement, which is again very promising for the cryptocurrency sector. PayPal has announced that it is planning to expand its services for cryptocurrency trading to countries other than the United States.

PayPal has announced that it is planning to expand its services into the United Kingdom. Once expanded, the user in the United Kingdom would be able to trade in cryptocurrencies. The firm is now expanding itself within the cryptocurrency sector by offering crypto-trading services.

It was on Wednesday, July 27, 2021, when PayPal had publicly held its conference for the earnings it achieved. The firm revealed that the earnings call was for the revenue it generated in the second quarter of 2021.

The firm revealed that in the second quarter of 2021, it generated a lot of revenue from its cryptocurrency endeavors. PayPal also revealed that its users have also adopted the cryptocurrency facility on a very large scale.

Dan Schulman, the CEO at PayPal announced that looking at the current positive response and high user base, they are planning to expand their crypto-trading services.

Schulman stated that they have made the decision that the next country they are going to expand their services it would be the United Kingdom.


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