- PayPal expands to global reach to the UK.
- The online payment firm believes in the potential that blockchain brings.
The giant online payment system, PayPal, continues to expand its global reach in the crypto world. Specifically, PayPal hopes to expand its crypto services in the country UK in the coming months. Indeed, this movement made by PayPal brings excitement to the crypto community in the UK.
Furthermore, PayPal stays focused on scaling up its crypto and blockchain technology. In fact, in the past weeks, PayPal increased the crypto purchases of its customers in the US to $100,000 per week with no annual purchase limit. Through this, traders and investors in the country can acquire more of their favorite cryptos using the platform.
This made Dan Schulman, chairman and CEO of PayPal react:
This is all interesting, but it’s not the main course in terms of what we’re trying to do with our blockchain and digital currency business unit. We’re clearly thinking about what the next generation of the financial system will look like, how we can help shape it.
Schulman added that PayPal is developing its platform further using blockchain technology to provide better services to all its users globally. “How can we use smart contracts more efficiently? How do we digitize assets and open them up to consumers who may not have had access to them before? There are also some cool DeFi apps out there, so we’re working really hard, “ he said.
In other news, PayPal took part in the funding of Blockchain Capital’s Fund V. The funding is reported to have raised up to $300 million. This huge amount of money invested in the project is mainly because investors continue to believe in the potential that blockchain could create.