PayPal is expanding the ability to buy bitcoin to the United Kingdom according to PayPal’s CEO Dan Schulman. In an earnings call, he said:
“We’re going to launch, hopefully, maybe even next month in the UK. Open up trading there. We’re working right now on transfers to third party wallets.
And we really want to make sure that we create a very seamless process for taxes and tax reporting. And so, we’re really looking at how do we integrate that into both the trading and the ‘buy with crypto’ on our platform.”
PayPal’s bitcoin volumes jumped to about $50 million on Monday as bitcoin headed towards $40,000 as pictured above.
“We continue to be really pleased with the momentum we’re seeing on crypto,” Schulman said, further adding:
“We’re adding incremental functionality to that… we increased limits to $100,000 a week. We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH and do faster payments.”
The United Kingdom is a fairly big market for crypto as Brits are generally in step with Americans in regards to crypto awareness and adoption.
This expansion thus should open new markets for bitcoin starting potentially next month.