Paypal, the retail payment processing giant announced the expansion of its Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The payment processing giant started its crypto trading services last year in October for US customers. First, it only allowed traders to buy and sell within the app and later opened the gates for crypto expenditure at millions of its verified vendors.
The crypto services in the UK would be rolled out by this week and would be available through the website as well as the mobile app. Customers can view the live prices of the listed cryptocurrencies along with crypto educational content.
Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto, and Digital Currencies at PayPal said they will work closely with regulators to ensure full compliance. He explained,
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”
Paypal had also disclosed that they were overwhelmed by the response from its crypto services which has exceeded all market goals.
PayPal, MasterCard, and VISA Expand Crypto Adoption in Retail Market
The first part of the bull market was largely attributed to the institutional investors who were making million dollars purchases every week. The retail sector joined in at the later stage, thanks to the access provided by the likes of centralized payment processing giants including PayPal, Mastercard, and VISA. Both Mastercard and Visa are competing to build the next generation of crypto payment infrastructure.
Mastercard recently eased up the on-boarding process for companies to issue crypto cards and expenditure services. Visa saw nearly a billion-dollar worth of crypto transactions on its platform in the first two quarters, all indicating the growing retail interest that could possibly carry the second leg of the bull run.
Bitcoin crossed the $50,000 mark earlier today for the first time since the May crash, breaching a key resistance. It is currently trading at $50,200 with a 3% surge over the past 24-hours and its market cap also breached $900 billion.