CEO Dan Schulman said last week the company would add crypto buying, selling, and custody features to “Venmo and select international markets” in 2021.
Residents of the United Kingdom will be the first people outside of the U.S. who are able to use PayPal for buying and selling crypto.
According to journalist Carl Quintanilla, the payments platform is planning to expand its crypto offerings to the U.K. in the coming months. PayPal also plans to make crypto available for Venmo wallet holders before the end of Q2 2021. Other non-crypto services include expanding Venmo internationally before 2026 and a broader rollout of the app’s credit cards.
PayPal CEO Dan Schulman mentioned that the company would add crypto buying, selling, and custody features to “Venmo and select international markets” in 2021 during last week’s Q4 earnings call. However, it was unclear which market would be first for the rollout. Schulman said that the firm was “significantly investing” in its crypto, blockchain, and digital currencies arm after the launch of crypto services “exceeded expectations.”
U.S. users have been able to purchase crypto directly through the PayPal app since November, when the company took a major step towards adoption of digital assets. Since that time, crypto trading volume on the platform has reached record highs, peaking at $242 million in transactions on Jan. 11.
The platform’s customers will also soon be able to use cryptocurrencies to shop at any of the 29 million merchants in its network before Q2 2021, according to Shulman in the most recent earnings call. The CEO said at the time that PayPal is actively working with regulators and central banks “to shape the future” of a post-physical cash world.