PayPal is launching a new service in the United Kingdom that would enable its customers to buy, sell and hold Cryptocurrency. the online payment platform will allow their customers to trade four digital currencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
This is the first time that PayPal is rolling out its cryptocurrency service outside the United States of America. If it turns out well, we can say that PayPal is going to roll out the service in more countries in the nearest future.
PayPal launched crypto buying and selling in the U.S.A in early 2021, allowing customers to use their digital coin holdings to shop at the millions of merchants on their network. The company has over 403 million accounts globally on its network. PayPal is one of the largest mainstream financial companies to offer crypto services.
Customers will be able to buy crypto directly from their PayPal wallets online or on the mobile app. They will also have access to real-time crypto prices, educational content to help answer commonly asked questions, and learning more about cryptocurrencies, including the opportunities and risks.
The company hopes its foray into the new asset class will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by cooperations and central banks.
Vice President and General Manager for Blockchain, crypto, and digital currencies at PayPal, Jose Fernandez da Ponte, said in a statement:
“We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support – and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”
PayPal’s move comes at a very important time as more established financial companies have started offering their customers access to digital assets amid rising cryptocurrency prices.