Global payments platform PayPal is looking toward the United Kingdom as the side by side market place in which to aggrandize its crypto trading services.

According to the visitor's 2d-quarter earnings call on Wednesday, PayPal has done very well out of crypto trading for the period. CEO Dan Schulman stated that the U.K. is probable to be the next state where crypto trading is offered.

"Yep, well, we proceed to exist really pleased with the momentum nosotros're seeing on crypto. […] We're going to launch, hopefully, perchance even next month in the U.One thousand., open up up trading there."

He stated that the company is adding "incremental functionality" to the crypto trading platform, having already increased the crypto purchasing limits to $100,000 per week on July 15.

PayPal is likewise working on open banking integration, Schulman stated, adding that it "volition increase the ability to fully integrate information technology into ACH and exercise faster payments." ACH is PayPal's Automated Clearing House, a payment service that enables merchants to electronically collect payments from customers by straight debiting their checking or saving accounts.

Schulman revealed that pay with Venmo revenues grew by 183% year over yr and that in that location has been stiff adoption and trading of crypto on Venmo. The PayPal-owned business firm Venmo launched crypto trading services to an estimated seventy million users in mid-April.

Related: Will PayPal's crypto integration bring crypto to the masses? Experts answer

DeFi integration?

Regarding decentralized finance (DeFi), Schulman suggested that PayPal was looking into "what the next generation of the financial system looks like" and how to integrate smart contracts and decentralized apps into the platform:

"How can we apply smart contracts more efficiently? How tin can nosotros digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications too. And then we are working actually hard."

The comments come up at the same time a leaked video from last week's EthCC conference in Paris revealed that the world's largest decentralized exchange, Uniswap, has been in talks with PayPal, among other fintech firms, regarding DeFi integration.

On Wednesday, Cointelegraph reported that PayPal's "super app," which volition feature high yield savings, early on access to straight eolith funds, messaging capabilities and additional crypto functionality, is almost set for launch.