For the first time, residents of the United Kingdom will be able to buy, hold, and sell cryptocurrencies using PayPal beginning this week.
At the beginning of this week residents of the United Kingdom will be capable of buying, holding and selling cryptocurrencies with the help of PayPal for the first time. This is a historic moment for the company that started offering digital asset services less than a year ago. The global payments provider declared on Sunday that U.K customers will have access to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin cash (BCH) with the help of PayPal’s website and mobile app.
The announcement was declared as the first expansion of PayPal’s cryptocurrency services beyond the United States a service that was first launched in November of last year. Jose Fernandez da Ponte stated the “digitization of money” during the pandemic as one of the most important motivations for getting crypto in the first place. “Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K to explore cryptocurrency.”
By giving its cryptocurrency services to U.K residents, PayPal could have a role in increasing exposure to digital assets in the country. It is stated that within all European countries, PayPal penetration is the highest in the United Kingdom at over 2 million monthly active users. There are rumors about PayPal’s cypto expansion plans have been going around ever since last month when CEO Dan Schulman told investors that the U.K is most probably going to receive service soon. The company is also trying to create growth in decentralized finance, or DeFi which is a possible precursor to future integration plans. On the regulatory front, the U. K’s financial conduct authority, or FCA is cracking down on cryptocurrency exchanges which do not receive the registration requirements. Binance’s U.K operations was closed during the summer after the FCA warned the exchange it was not allowed to offer regulated trading activity in the country. PayPal’s da Ponte said his company is “committed to continue working closely with regulators in the U.K and around the world”.