While PayPal has severally mentioned that users outside of the United States of America would get access to its crypto features this year, it appears the first set of international users to enjoy this feature would be those domiciled in the United Kingdom. This was made known by Carl Quintanilla, foremost journalist, who tweeted that the platform was looking to expand its crypto features to the U.K. soon.
PayPal had also mentioned that it was going to open the crypto features to Venmo wallet holders before the end of the second quarter of 2021, while other features that are unrelated to crypto which include expanding usage of the app internationally plus the launch of its credit card would be completed before 2026.
This is in line with the earlier statement made by the firm’s CEO, Dan Schulman, who had told investors that the behemoth financial institution was going to open its crypto features for its international market. However, he had failed to mention the market that was going to be getting this new feature first.
Schulman had also mentioned that the crypto features had performed very well in the US market as it had exceeded all expectations.
PayPal Eyes Role in CBDC Distribution
During PayPal’s investors day, Dan Schulman has highlighted the fact that the firm could offer its digital wallets as a means whereby the central bank digital currency projects across the globe could be distributed to consumers across income levels.
According to the chief executive, “we’re a perfect complement to central banks and governments to distribute those digitized forms of currency.” He also went on to reveal that the payment company was working on smart contracts and the tokenizations of other non-crypto assets.
The company added that they have seen increased transaction activities among customers who use their crypto products. The firm said that “more than 40% of the U.S. PayPal customers who use crypto return to complete more than two additional transactions.”