Global payments giant PayPal has enabled customers based in the United Kingdom to buy, hold, and sell cryptocurrencies. It’s the first expansion of the payment giant’s crypto services since the services were first launched in the United States in October 2020. Speaking to CNBC, Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto, and digital currencies, said, “It has been doing really well in the U.S.,” before adding, “We expect it’s going to do well in the U.K.”
PayPal will provide service in BTC, ETH, LTC, and BCH.
The crypto trading service will be available on the app and website, will initially be limited to four cryptocurrencies: BTC, ETH, LTC, and BCH. The growth of cryptocurrencies for payments has been accelerated by the global Covid pandemic and subsequent lockdowns, which many countries are still enduring. Jose added: “The pandemic has accelerated digital change and innovation across all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services.” Like in the U.S., PayPal uses Paxos, a New York-regulated cryptocurrency company, to enable crypto buying and selling in Britain.
PayPal has already engaged with relevant U.K. regulators to launch the service.
PayPal stated that it has already engaged with relevant U.K. regulators to launch the service. Jose Fernandez acknowledged the importance of regulatory approval, especially in countries such as the U.S. and U.K., which take a harsher stance towards digital assets: “We are committed to continuing working closely with regulators in the U.K. 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.”