From this week, UK customers will be able to buy, hold and sell digital currencies. This is the first international expansion of the service that debuted in the US last year 23 Aug 2021 Veronica Balocco
PayPal's cryptocurrency service lands in the UK. The US online payments giant said it will allow UK customers to buy, hold and sell digital currencies starting this week. This is the first international expansion of PayPal's cryptographic product, which was first launched in the United States in October last year. The feature allows customers to buy or sell bitcoin, bitcoin cash, ethereum or litecoin for as little as one pound. Users can also track cryptocurrency prices in real time and find educational content on the market. As with the US version of the product, PayPal relies on Paxos, a New York-regulated digital currency company, to enable the purchase and sale of cryptocurrencies in the UK. The company also said it has engaged with relevant UK regulatory authorities to launch the service. Objective: to facilitate market access With more than 403 million active accounts globally, the San Jose, California-based company is one of the largest traditional financial firms to offer consumers access to cryptocurrencies. According to the company itself, its foray into cryptocurrencies will facilitate the access of ordinary people to the market, also preparing its network for new digital currencies that could be developed by companies and central banks. But the company also says it is convinced that, in the long term, digital currencies will take on an ever-increasing role in e-commerce.
PayPal's cryptographic service is similar to that of the British fintech firm Revolut. As in the case of Revolut, PayPal users cannot move their cryptocurrencies outside the app, although Revolut has recently begun testing a feature that allows users to withdraw bitcoins from their personal wallets.