[Bitcoin Now] Surpasses 58 Million Won... PayPal Launches Cryptocurrency Trading Service in the UK as Well

Grayscale's Total Assets Under Management Exceed Approximately $43.1 Billion

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin has surpassed the 58 million KRW mark. It is interpreted that PayPal, an online payment service provider, announced that it will start cryptocurrency trading services in the UK following the United States, which had a positive impact.

According to the domestic cryptocurrency exchange Upbit, as of 3:51 PM on the 23rd, Bitcoin recorded 58.6 million KRW, up 1.60% compared to the previous day. On the 21st, Bitcoin rose to 58.28 million KRW, surpassing the 58 million KRW level again for the first time in about three months since May 17.

PayPal's entry into the UK cryptocurrency market acted as a positive factor. According to US economic media CNBC on the 22nd (local time), PayPal stated, "Starting this week, UK customers will be able to use cryptocurrency buying, selling, and holding services on PayPal's platform," and "Real-time price checking services and educational materials will also be provided." Jose Fernandez da Ponte, Vice President of Blockchain and Cryptocurrency at PayPal, predicted that cryptocurrency trading services would be as popular in the UK as in the US.

Previously, PayPal has led the cryptocurrency sector by providing cryptocurrency trading services in the US since October last year. This has also translated into results. Thanks to the popularity of the cryptocurrency sector in the US market, PayPal's revenue in the first quarter of this year increased by 31% year-on-year to $6.03 billion (approximately 7.078 trillion KRW). Dan Schulman, CEO of PayPal, described the first-quarter performance by saying, "Cryptocurrency is a core growth engine for the company." PayPal plans to offer personal digital financial services through next-generation digital wallets in the third quarter.

(Source=Grayscale Twitter)

Meanwhile, it appears that large investors' cryptocurrency buying momentum is intensifying. On the 20th, US asset management firm Grayscale announced via Twitter that its total assets under management (AUM) surpassed approximately $43.1 billion. Grayscale is a leading cryptocurrency-focused investment product manager operating the Bitcoin Investment Trust (GBTC). Although Grayscale's AUM fell to the $20 billion range last month, it is increasing again along with the cryptocurrency uptrend. GBTC's total assets also increased from $25.5 billion at the end of last month to $30.9 billion as of the same day.