PayPal launches crypto services for United Kingdom (UK) market.
Starting from today the company said customers in the UK will buy, sell and hold bitcoin and other cryptocurrencies.
The international payments service provider announced over the weekend that UK customers will soon have access to Bitcoin, Ether, Litecoin and Bitcoin Cash through PayPal’s website and mobile app.
This move marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States. According to insiders Paypal’s rollout could inspire further mainstream adoption of the new asset class and give everyone an access to financial inclusion.
“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, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.
The UK financial regulator Financial Conduct Authority or FCA, is increasingly cracking down on cryptocurrency exchanges that do not meet its registration requirements.
Paypal in UK will compete with recognised and well established crypto currency brands such as Coinbase, Revolut and Binance.