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PayPal’s Crypto Products Coming to the UK in Months
The U.K. will be the first market outside the U.S. for PayPal's crypto products.
Updated Sep 14, 2021, 12:10 p.m. Published Feb 11, 2021, 7:13 p.m.
PayPal’s buy, sell and hold crypto products are coming to the United Kingdom in a few months, the company announced during its investor day Thursday.
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Its launch of crypto as a funding service will go live in a few months as well, and crypto products in Venmo will go live in the first half of 2021.
The results from the new product at the e-commerce giant have “exceeded” expectations, said Jonathan Auerbach, executive vice president and chief strategy, growth and data officer at PayPal (NASDAQ: PYPL).
“We're actually looking at our crypto services to help position PayPal, to help shape the role of cryptocurrencies and [central bank digital currencies] in consumer payments, commerce and financial services safely and securely,” Auerbach said. “So early days for us here, but we're moving rapidly.”
In its Q4 2020 earnings, PayPal reported a 11.8% increase in transaction revenue quarter over quarter, and said that customers who purchased crypto through the platform have been logging into PayPal twice as much as they were before buying crypto.
This is a developing story and will be updated.
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