PayPal users in the UK can now buy, sell, and hold Bitcoin, Ethereum, and other cryptos
With its success in the U.S., PayPal plans to expand its crypto service to other countries aside from the U.K.
Mon, 23 Aug 2021, 14:56 pm UTC
PayPal has now expanded its crypto services in the UK. With the move, users in the country can now buy, sell, and hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) starting this week.
PayPal announced the expansion of its crypto services to U.K. users on Monday, allowing them to buy cryptocurrencies via its mobile app and its website, according to Reuters. The move marks the payments giant’s first expansion of its crypto services outside the U.S.
With its crypto services, PayPal hopes to encourage the use of cryptos and usher in the mainstream adoption of digital currencies. The company is one of the largest financial firms in the world with over 403 million active users globally.
"We are committed to continue 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 vice president and general manager for blockchain, crypto, and digital currencies Jose Fernandez da Ponte said.
The San Jose, California-based financial services company first rolled out its crypto services to U.S. users late last year. The company later allowed customers to use their digital currencies to pay at the millions of merchants on its platform.
“It has been doing really well in the U.S.,” Jose Fernandez da Ponte told CNBC. “We expect it’s going to do well in the U.K.”
With the rising popularity of cryptos such as Bitcoin and Ether, the service is well-received among American consumers. With its success in the U.S., PayPal plans to expand the product to other countries aside from the U.K.
“We definitely have ambitions to continue to expand the product range in the U.S., the U.K., and other markets,” da Ponte added. “We are very deliberate about starting with initial functionality, and then we’ll see where the market is going to take us. Different markets have different appetites for products.”
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