At first glance, this is an event that many have been waiting for. This is the day when PayPal starts offering storage, purchase and sale of four major cryptocurrencies in the United Kingdom, after a pilot project in the United States that began last year.
A few months ago, when PayPal and Visa invested in Blockchain Capital with a total investment value of $ 300 million, it became clear that the company was making great progress in the cryptocurrency.
This particular investment, along with its pilot project in the US, was a sure sign that PayPal, which, interestingly, was founded by Elon Musk, who is now a full-fledged influential person in the field of cryptocurrency, is preparing to attract its global audience to cryptocurrency as the main underlying asset and payment method.
PayPal has emerged as an electronic payment processor for the eBay auction trading platform, and is currently one of the most frequently used electronic payment channels in the world.
If it did not cover cryptocurrency, it would be left behind by regulated cryptocurrency exchanges and electronic brokers that lead the market for fiat inputs and outputs. Well, how else, if the need for access to the cryptocurrency ecosystem in all its forms through regulated payment systems increases significantly.
PayPal is facing direct competition from specialized cryptocurrency exchanges that already have licenses for electronic money (EMI). They serve as a means of approaching the functionality of the blockchain, such as smart contracts, through cryptocurrency exchanges, so now it is necessary to follow this path.
At the time when PayPal joined Visa in a round of investments in Blockchain Capital, a statement was made that part of the rationale for its investment in this particular fund coincides with the firm’s desire to make cryptocurrency more accessible and secure. Visa management believes that their company is aimed at improving all methods of moving money, whether in the Visa network or not.
This step was so big that even Dan Shulman from PayPal personally told the Financial Times in the UK about it and how he sees it as a way to move PayPal forward.
Occupying Niches in the crypto-financial system
PayPal is gradually introducing services in cryptocurrency, and its foray into the UK market for storing and selling cryptocurrencies on the other side of the ocean is a significant step. It allows British users to buy, store and sell Bitcoin, Ethereum, Litecoin. and Bitcoin Cash via your PayPal account. And this is a clear reaction to the improved and complex regulated crypto services.
This is big news, but it does not show real rivals and leaders in this market.
True leaders can offer full opportunities within a regulated framework for all cryptocurrency assets and will strive for full services, including EMI, exchange and multilateral trading facilities.
Today’s transition to storing, buying and selling cryptocurrencies in the UK market has highlighted the leadership of regulated cryptocurrency exchanges, in vital markets with developed financial services ecosystems.
Regulated exchanges, in fact, are an opportunity to participate in the creation of a new world of cryptocurrency, and they will always be ahead, which will lead to a fully decentralized financial future.
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