Global payments provider PayPal Holdings Inc has announced that it will allow UK customers to buy, sell and store Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Cryptocurrency services are reaching PayPal customers in the UK
Starting this week, UK users of one of the world's largest payment systems will be able to buy, sell and hold the four different cryptocurrencies on its platform. These users can buy as little as £ 1 (equivalent to $ 1.37) using their bank accounts, debit cards via a cryptocurrency tab on PayPal's website or the mobile app, the company said Monday.
The launch is the payment giant's first expansion of the cryptocurrency service outside of the United States. The rollout begins today and will be fully available to all eligible customers in the coming weeks.
In a statement, Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies emphasized the dedication of the company to ensure regulatory compliance.
“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support and contribute significantly to shaping the role that digital currencies will play in the future of finance and commerce. global".
Adoption of PayPal and cryptocurrencies
PayPal first launched its crypto offering in the US in October 2020, but officially added crypto payments in March. The company's feature called “Pay with Crypto” allows users to spend their crypto assets at merchants around the world who accept PayPal. Notably, PayPal converts the crypto to fiat at the time of sale. Still, in March, PayPal acquired Israel-based crypto custodian firm Curv, indicating that it wanted to expand its functions in the near future.
In April, the payments giant unveiled cryptocurrency trading on its subsidiary, the Venmo mobile app.
PayPal was initially criticized due to the fact that its cryptocurrency plan had many limitations. At the time, Ripple CEO Brad Garlinghouse even described the offering as "two steps forward and one step back," arguing that the payments company had ignored the fundamental benefits and principles of cryptocurrencies.
However, da Ponte hinted in May that clients could soon withdraw their crypto assets to third-party wallets off-site.
Suffice it to say that PayPal has become one of the most active financial giants in the crypto space. The company's decision to embrace cryptocurrencies marks a wider mainstream adoption of the nascent asset class.