PayPal is planning to introduce cryptocurrency trading in the United Kingdom, and it may welcome DeFi.
On its new "super app," the global payments company wants to allow British users to exchange cryptocurrency.
PayPal, a global payments company, is eyeing the United Kingdom as the next country to develop its crypto trading services.
According to PayPal's second-quarter results call on Wednesday, crypto trading performed exceptionally well during the period.
The United Kingdom is poised to be the next country to allow crypto trading, according to CEO Dan Schulman.
“Yeah, well, we continue to be really pleased with the momentum we're seeing on crypto. […] We're going to launch, hopefully, maybe even next month in the U.K., open up trading there.”
He noted that the company is adding “incremental functionality” to the crypto trading platform, noting that the crypto purchasing limits have already been raised to $100,000 per week on July 15.
PayPal is also working on open banking integration, according to Schulman, "which will increase its capacity to integrate it fully in ACH and make faster payments."
The Automated Clearing House (ACH) is a payment service that provides retailers with the opportunity to electronically collect payment from customers by debiting directly their checks or savings accounts.
Pay with Venmo sales increased by 183 percent year over year, according to Schulman, and there has been widespread adoption and trading of cryptocurrency on Venmo.
Venmo, a PayPal-owned company, began crypto trading services in mid-April to an estimated 70 million customers.
Is it possible to integrate DeFi?
PayPal is looking at "what the next generation of the financial system looks like" in terms of decentralized finance, according to Schulman, as well as how to integrate smart contracts and decentralized apps into the platform:
“How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well. And so we are working really hard.”
Uniswap, the world's largest decentralized exchange, has been in talks with PayPal and other banking businesses concerning DeFi integration, according to a leaked video from last week's EthCC conference in Paris.
PayPal's "super app," which will have high-yield savings, early access to direct deposit funds, messaging capabilities, and extra crypto functions, is almost set to debut, according to Cointelegraph on July 28.