After seeing larger than expected demand from US crypto users, PayPal has set a timeline for UK expansion.
The digital payments company PayPal will introduce its suite of cryptocurrency services to UK customers in a few months.
Jonathan Auerbach, an executive at the company, shared the update during its investor day. “We plan to expand our crypto offering geographically to the UK in a number of months,” said Auerbach. CoinDesk was first to report the news.
PayPal launched its “buy, sell, hold” crypto offering in the US late last year, which allows users to handle a variety of digital assets on-platform. Crucially, crypto purchased through PayPal can only be spent through the app, meaning funds can’t be transferred out to other wallets.
The company has been plotting to expand crypto services to non-US countries, but today marks the first concrete sign of a near-term timeline.
PayPal’s stock price has soared over the past year, bolstered in part by retail demand for its crypto products. In Q4 alone, the company netted 16 million new active accounts.