Tag: Dan Schulman

PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature

by NEWSBTC

PayPal users with accredited identities will start accessing cryptocurrency trading soon. However, cryptocurrency transactions for its business account are not supported yet.

Starting from this week, U.K residents will have initial access to buying, holding, and selling cryptos via PayPal. This development will make a remarkable milestone for a firm that started providing digital asset services within one year.

PayPal is an American multinational financial technology company that operates an online payments system. It’s a global payment provider with services accessed in most countries that support online money transfers.

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PayPal serves as an electronic alternative to traditional payment methods such as checks and money orders.

Related Reading | 37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations

On Sunday, the popular payment provider declared its intent to allow U.K customers access to cryptos. The cryptos are Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC). Of course, you can always access them via mobile app or website.

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The Sunday announcement marked PayPal’s first expansion of crypto services outside the U.S and was initially launched last year November.

PayPal Aims To Boost Cryptocurrency Exposure In U.K.

Jose Fernandez da Ponte cited money digitization during COVID-19 as one of the main motivations for embracing crypto. Jose Fernandez is a high-ranked executive for PayPal’s cryptocurrency division. He added that;

“Our expertise on global digital payments provides us with the opportunity and responsibility of helping U.K. residents to explore cryptocurrency. This adds to our businesses and consumers knowledge combined with various security and compliance controls.”

By making its crypto services available to U.K. residents, the online payment giant plays a role in increasing the country’s cryptocurrency exposure.

PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature

PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature


After a sudden pullback, the market is back on bullish track | Source: Crypto Total Market Cap on TradingView.com

According to reports, the payment giant has the highest penetration among other European countries in U.K.with over 2 million active users monthly.

Rumors on PayPal’s crypto expansion proposal have been in circulation since the past month after Dan Schulman’s speech. Dan Schulman’s CEO had earlier informed investors on the soon coming PayPal services to the U.K. residents.

Reports further show that PayPal’s eye development in Defi is a precursor to integration plans in the future. The Financial Conduct Authority (FCA) on regulation in the U.K. goes down on some crypto exchanges. These are exchanges that have not met their registration demands.

Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States

For example, FCA shuttered the operations of Binance U.K. after warning them against providing regulated trading activity in the country this summer.

PayPal’s da Pote Jose gave assurance that his company will keep working with U.K. regulators and others to roll out its cryptocurrency services.

Featured image from Pixabay, chart from TradingView.com

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PayPal to Launch Crypto Trading Next Month in the U.K.

by Blockchain News

Global payment provider PayPal Holdings Inc. revealed the company is planning to develop the next market in The United Kingdom to provide its crypto trading services.

Following up the news coverage on Wednesday, more details to reveal PayPal’s upcoming development in the cryptocurrency business.

In response to questions from the analyst of Barclays Investment Bank about PayPal’s upcoming plan on the engaging crypto ecosystem in the quarters ahead, PayPal CEO Dan Schulman said The U.K. is likely to be the next country to provide crypto trading.

“We’re right in the middle of some open banking integration, which will increase the ability to fully integrate it into ACH and do faster payments. We’re going to launch, hopefully, maybe even next month in the U.K., open up trading there.”

ACH is PayPal’s Automated Clearing House, a payment service that enables merchants to electronically collect customer payments by directly debiting their checking or saving accounts.

Schulman spoke at PayPal’s Q2 2021 earning call Wednesday. Per the coverage from FXStreet, Schulman said, “a new ‘digital wallet’ product will be introduced in Q3 this year and believe that cryptocurrency will be critical to PayPal’s growth. He described the upgrade of the super app wallet as “code complete”.

However, Schulman did not confirm the timeline or roadmap of development to third party wallets. ” 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.”

According to the Cointelegraph report, the new crypto wallet will feature high yield savings, early access to direct deposit funds, messaging capability, and crypto capabilities. “Each wallet would be unique, driven by advanced A.I. and machine learning capabilities,” Schulman emphasised.

Meanwhile, Schulman said the company is working on how to use smart contracts more efficiently and how to develop Defi applications as well.

The payment platform continues to expand its crypto-related business. Earlier this month, PayPal hired Jesse Spiro, a former Chainalysis head of policy and regulatory affairs, to lead the crypto division in PayPal. 

Around two weeks ago, PayPal also strengthened its crypto function and experience to its clients. The company has increased the limit of purchase of Bitcoin and other crypto-assets up to $10,000 weekly from $20,000, but also remove the annual purchase limit for qualified customers in the U.S, allowing to have more extensive accessibility on a crypto exchange.

In May, senior management also revealed that the company would enable their customers to withdraw their digital assets to third parties.

Image source: Shutterstock

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PayPal to Launch Crypto Trading Next Month in the U.K.

by Blockchain News

Global payment provider PayPal Holdings Inc. revealed the company is planning to develop the next market in The United Kingdom to provide its crypto trading services.

Following up the news coverage on Wednesday, more details to reveal PayPal’s upcoming development in the cryptocurrency business.

In response to questions from the analyst of Barclays Investment Bank about PayPal’s upcoming plan on the engaging crypto ecosystem in the quarters ahead, PayPal CEO Dan Schulman said The U.K. is likely to be the next country to provide crypto trading.

“We’re right in the middle of some open banking integration, which will increase the ability to fully integrate it into ACH and do faster payments. We’re going to launch, hopefully, maybe even next month in the U.K., open up trading there.”

ACH is PayPal’s Automated Clearing House, a payment service that enables merchants to electronically collect customer payments by directly debiting their checking or saving accounts.

Schulman spoke at PayPal’s Q2 2021 earning call Wednesday. Per the coverage from FXStreet, Schulman said, “a new ‘digital wallet’ product will be introduced in Q3 this year and believe that cryptocurrency will be critical to PayPal’s growth. He described the upgrade of the super app wallet as “code complete”.

However, Schulman did not confirm the timeline or roadmap of development to third party wallets. ” 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.”

According to the Cointelegraph report, the new crypto wallet will feature high yield savings, early access to direct deposit funds, messaging capability, and crypto capabilities. “Each wallet would be unique, driven by advanced A.I. and machine learning capabilities,” Schulman emphasised.

Meanwhile, Schulman said the company is working on how to use smart contracts more efficiently and how to develop Defi applications as well.

The payment platform continues to expand its crypto-related business. Earlier this month, PayPal hired Jesse Spiro, a former Chainalysis head of policy and regulatory affairs, to lead the crypto division in PayPal. 

Around two weeks ago, PayPal also strengthened its crypto function and experience to its clients. The company has increased the limit of purchase of Bitcoin and other crypto-assets up to $10,000 weekly from $20,000, but also remove the annual purchase limit for qualified customers in the U.S, allowing to have more extensive accessibility on a crypto exchange.

In May, senior management also revealed that the company would enable their customers to withdraw their digital assets to third parties.

Image source: Shutterstock

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PayPal to Launch Crypto Wallet in Q3 This Year, CEO Reveals

by Blockchain News

Payment provider PayPal Holdings Inc. published its second-quarter financial report Wednesday. CEO of PayPal Dan Schulman said the company would launch a crypto wallet in the third quarter this year.

Speaking at the investor update call Wednesday, PayPal CEO Dan Schulman described the upgrade of the super app wallet as “code complete”. Per the coverage from FXStreet, PayPal Chief Executive Officer (CEO) Dan Schulman said, “a new ‘digital wallet’ product will be introduced in Q3 this year and believe that cryptocurrency will be critical to PayPal’s growth.

According to the Cointelegraph report, the new crypto wallet will feature high yield savings, early access to direct deposit funds, messaging capability, and crypto capabilities. “Each wallet would be unique, driven by advanced AI and machine learning capabilities,” Schulman emphasised.

PayPal’s owned mobile payment app-Venmo launched a new service in April to allow its clients to trade cryptocurrencies on its apps. Four hundred million active users during this quarter with US$311 billion in total payment volume, PayPal reported. The firm also said $58 billion in total payment volume for the quarter across 76 million active accounts.

The payment platform continues to expand its crypto-related business. Earlier this month, PayPal hired Jesse Spiro, a former Chainalysis head of policy and regulatory affairs, to be in charge of PayPal’s crypto division. Around two weeks ago, PayPal also strengthened its crypto function and experience to its clients. The company increased the limit of purchase of Bitcoin and other crypto-assets up to $10,000 weekly from $20,000, but also remove the annual purchase limit for qualified customers in the U.S, allowing to have more extensive accessibility on a crypto exchange. In May, senior management also revealed that the company would enable their customers to withdraw their digital assets to third parties.

Image source: Shutterstock

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PayPal says its crypto efforts are producing ‘really great results’ on earnings call

by Cointelegraph

During PayPal’s Quarter 1 2021 investor update call, president and CEO, Dan Schulman said digital assets had performed strongly for the company and that he believes crypto and central bank digital currencies will be a driving force in forging “a more equitable financial system.”

Following the success of PayPal’s move to embrace crypto assets, much of the call centered around the firm’s recent and future plans for digital assets.

“We believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years,” Schulman said, adding this would help efforts to recover from the pandemic:

“Both cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.”

The CEO stated the payments provider has an extensive crypto roadmap planned, noting its digital asset innovations will be pursued “in partnership with governments and in compliance with local, national and global regulatory frameworks.” 

“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” he added.

The firm’s shares rose by more than 5% on Wednesday, April 5 in response to the earnings update, after PayPal revealed its per-share earnings had outperformed expectations by more than 20%, coming in at $1.22 each adjusted. PayPal’s $6.03 billion in revenue also exceeded predictions by 2%.

Total payment volume was $20 billion more than expected, finishing the quarter at $285 billion. The firm also added 14.5 million new active accounts, bringing its user base to 392 million.

Schulman asserted PayPal’s adoption of digital assets “has been widely embraced,” noting productive conversations with “central banks, regulators and government officials around the world.”

The firm described its adoption of digital assets as bolstering the utility for cryptocurrency by enabling “millions of merchants around the globe” to accept crypto payments. However, transactions made in digital assets within PayPal’s merchant network are currently settled in fiat currency.

PayPal’s Venmo app also introduced buy, hold, and sell capabilities last month. PayPal noted that its 2020 Venmo Customer Behavior Study found that 30% of customers had already begun purchasing crypto assets — of which 20% began buying amid the coronavirus pandemic.

Schulman also noted the firm closed its acquisition of crypto asset custodian, Curv, last month, stating: “Curv’s talented team will bolster our existing technology resources and accelerate our efforts to shape a new financial infrastructure that is efficient, low cost and inclusive.”