PayPal is expanding global support for digital assets and bringing crypto capabilities to Venmo this year.
Last November, payments giant PayPal began allowing its US users to purchase crypto assets through its app.
According to Finance Magnate, this Thursday, PayPal vice president Jonathan Auerbach says the firm will soon extend those crypto services to its UK client base.
The move demonstrates PayPal’s continuing support for the crypto sector and marks another step on the firm’s path toward further crypto adoption.
Finance Magnate also reports that the VP confirmed that PayPal aims to offer crypto services through its mobile payment app Venmo in the first half of 2021.
Auerbach also states that users will have the option to pay for goods and services in crypto at its 29 million merchants later this year.
UK PayPal users, like those in the US, will be able to buy, sell and hold Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) through the payment giant’s app.
As PayPal strengthens its crypto adoption, Pantera Capital CEO reports that PayPal’s crypto services are consuming a large chunk of BTC being introduced to market, claiming that, as of mid January of 2021, the firm was purchasing 100% of all newly minted Bitocin.
“When PayPal went live, volume started exploding. The increase in itBit volume implies that within two months of going live, PayPal is already buying more than 100% of the new supply of Bitcoins.”
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