PayPal Introduces Cryptocurrency Service in the UK
Key Takeaways
- PayPal will now allow UK customers to buy, hold, and sell digital currencies
- This move will be the first international expansion of the company’s crypto product
- PayPal is one of the few companies that are diving into the unregulated crypto market
PayPal has announced the launch of its cryptocurrency service in the UK. The company said that customers in the UK can now buy, hold, and sell digital currencies from this week.
This is the company’s crypto product’s first international expansion, which was launched in the U.S last October. PayPal’s General Manager for blockchain, digital currencies, and crypto said that he expects the product to do well in the UK after a successful rollout in the U.S.
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More details on PayPal’s Crypto Service
The company’s crypto service will allow customers to buy or sell bitcoin, litecoin, bitcoin cash, and ethereum for just £1. In addition, users will be able to track crypto prices in real-time and explore educational content related to the cryptocurrency industry.
PayPal is depending on Paxos, a New York-based regulated digital currency company to facilitate crypto transactions in the UK. PayPal said that it has been working with a bunch of UK regulators to roll out the crypto service.
Growing Crypto Adoption
The newly launched crypto service has similarities with that of UK fintech firm Revolut. Similar to Revolut, PayPal customers will not be able to transfer their crypto holdings to other applications.
However, very recently, Revolut is testing a feature that allows users to withdraw bitcoins to their personal wallets.
PayPal’s penetration into the UK’s crypto market has led to simpler market participation for customers.
Despite a lot of uncertainty, a lot of financial companies are venturing into unregulated crypto markets. In the current scheme of things, money laundering, consumer protection, and price volatility are some of the key areas that need to be addressed.
Although PayPal kick-started with crypto trading, it believes that digital currencies will take over the e-commerce market in the near future. Earlier in the year, the company PayPal allowed U.S. consumers to pay its online merchants using cryptocurrencies.
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