PayPal’s Crypto Products Coming to the UK In Months

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PayPal’s buy, sell and hold crypto products are coming to the UK in a few months, the company announced on its investor day.

The launch of Crypto as a financing service will also go live in a few months, and Crypto products in Venmo will go live in the first half of 2021.

The results of the new product from the e-commerce giant “exceeded” expectations, said Jonathan Auerbach, executive vice president and chief strategy, growth and data officer at PayPal.

“We’re looking at our crypto services to position PayPal and secure the role of cryptocurrencies and CBDCs in consumer payments, commerce and financial services,” said Auerbach. “So early for us here, but we’re moving fast.”

In the fourth quarter 2020 results, PayPal recorded an 11.8% increase in transaction revenue compared to the previous quarter. Customers who bought crypto through the platform logged in to PayPal twice as often as before they bought crypto.