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PayPal Launches Buying and Selling Cryptocurrency in the UK

PayPal Holdings Inc will allow UK customers to buy, sell and hold bitcoin and other cryptocurrencies As of this week, the company confirmed on Monday. For more information about cryptocurrencies, click here.

According to Reuters, the launch, which marks the first international expansion of PayPal’s crypto service outside the US, could inspire broader adoption of the new asset class.

With over 403 million active accounts worldwide, the San Jose, California-based company It is one of the leading financial companies offering consumers access to cryptocurrencies.

PayPal launched buying and selling cryptocurrency in the US earlier this year, which then allowed customers to use their crypto holdings to buy from the millions of merchants on its network.

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The company had hoped that its entry into the new asset class would boost global use of virtual currencies and prepare its network of new digital currencies that could be developed by corporations and central banks.

“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support and significantly contribute to shaping the role. Cryptocurrency will play in the future of PayPal,” Jose Fernandez da Ponte, Vice President and General Manager Blockchain, Cryptocurrency and Cryptocurrency at PayPal said in a statement. Finance and global trade.

in the UK, PayPal will rival cryptocurrency exchange services such as Coinbase Global IncSo do fintech startups like Revolut. Customers will be able to buy Bitcoin, Ether, Litecoin and Bitcoin Cash Through your PayPal wallets online or on the mobile app.

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According to Reuters, the move comes as more and more established financial firms have begun offering their clients, both consumers and institutions, access to digital assets, amid rising cryptocurrency prices.

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