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PayPal is reportedly set to open its own cryptocurrency service in the United Kingdom. The American company operating an online payments system announced on Monday, Aug. 23, that it will allow its users in the region to buy, hold and sell bitcoins and other digital currencies.
PayPal said that this cryptocurrency service will start this week. CNBC reported that the move marks the company’s first overseas expansion of its crypto service that it first launched in the United States in October 2020.
“It has been doing really well in the U.S.,” PayPal’s vice president and general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, told the publication. “We expect it’s going to do well in the U.K.”
It was explained that with the firm’s crypto option, aside from bitcoin, customers can also purchase or sell ethereum or litecoin and bitcoin cash as small amount as £1. The feature also provides users with tracking for real-time crypto prices and educational content on this market.
For this cryptocurrency service in the U.K., PayPal will also use Paxos, a New York-based crypto firm, to enable the buying and selling of digital coins. PayPal secured permits and coordinated with regulators in the country to launch the service.
According to Reuters, PayPal boasts of more than 403 million active accounts around the world, and it is one of the first and biggest mainstream financial firms to provide people easy access to cryptocurrencies. With this said, it was reported that the company is hoping that its venture and entrance into the new asset class will encourage the use of digital currencies and virtual coins worldwide.
"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," Jose Fernandez da Ponte said in another statement.
Meanwhile, it was reported that PayPal’s move to bring its cryptocurrency services to the U.K. comes as a growing number of established financial companies have started to add the feature to their clients. The service gives them access to digital assets as the prices of cryptocurrencies continue to soar.
