Home industry banking-and-finance payPal aims to expand its cryptocurrency-based offerings in the US

PayPal aims to expand its cryptocurrency-based offerings in the US

Banking And Finance

CIO Bulletin
2021-02-23

American company PayPal Holdings, Inc. that operates an online payments system across the globe that supports online money transfers has recently shown an interest in cryptocurrency. Over the past quarter, the company has taken the plunge to introduce a new range of services and offerings to its customers. The digital payments firm is aiming to expand further in the first half of the year. The firm has stated that it will enable users to trade crypto in the UK and additional international markets.

The firm will also further expand its crypto offerings to Venmo, a payment app that PayPal brought in 2014. The firm has already established a crypto-focused business unit, and now it aims to allow users to make purchases through the Venmo app using cryptocurrency. It is said that PayPal's cryptocurrency expansion is likely to create the network effect and faster adoption rates.

PayPal's rollout of cryptocurrency offerings is intact with its mission to become one of the best stop shop solutions. It is a close competitor to companies like AliPay, a subsidiary of Alibaba Group Holding Limited. PayPal is also trying to transform the digital payment sector with its innovative ideas and newly designed apps meant for crypto transactions.