Issue 148: We Answer Your Top Crypto Questions
August 26th, 2021
Top Cryptocurrency Questions Asked In 2021
Weekly Market Recap
PayPal Is Expanding Cryptocurrency Trading To The UK
It has been almost a year since PayPal launched its cryptocurrency service in the United States. Now, they excitedly announced the news of a similar option in the United Kingdom. Since October 2020, Dan Schulman, the CEO of PayPal, has commented on the great results from their cryptocurrency efforts, further revealing,
“About half of our crypto users open their app every single day.”
With these positive advancements, it was only a matter of time until PayPal expanded this offering to countries worldwide. With PayPal’s latest announcement, users in the U.K. can now buy, hold and sell cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Like the U.S., users may also track cryptocurrency prices in real-time via the PayPal app and access basic educational information about digital currencies and some risks and opportunities involved with this investment vehicle.
This move into the U.K. market is the first territorial expansion of the company’s services outside the United States. The unique thing about PayPal is that it is the one firm that has continued to leap into the unregulated world of cryptocurrency. As a result, impacts on the cryptocurrency market have been noted as a 2% increase in the price of Bitcoin and a 6% increase in the price of Ethereum.
Impact of PayPal on the Crypto Community
Analysts believe that this move will increase commonality as established companies have started offering their clients access to digital assets, in alignment with cryptocurrency prices continuing on their upwards trajectory.
Jose Fernandez da Pont, the vice president and general manager of Blockchain, Crypto and Digital Currencies at PayPal, shares that this movement can be attributed to the pandemic which has “accelerated digital change and innovation across all aspects of our lives – including the digitization of money and greater consumer adoption of digital financial services.”
For a long time, it has been known that institutions like PayPal have proven the most pivotal to broad crypto adoption. By providing consumers easier access to crypto, many in the community believe this is a massive step forward toward mass adoption, since it legitimizes the idea of cryptocurrency as an actual currency. Furthermore, when companies embrace cryptocurrencies, they send a message to their peer companies that adding crypto to their product lines is not an if, but a when.
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