PayPal is bringing crypto services to the UK market
PayPal is bringing crypto services to the UK market
PayPal Holdings Inc. will allow UK customers to buy, sell and store Bitcoin from this week. This is the first time the company has expanded its cryptocurrency services outside the United States.
PayPal's move could inspire other mainstream organizations to use the new asset class, Reuters commented.
PayPal now has more than 403 million monthly active accounts worldwide. As a result, it is one of the largest mainstream financial institutions in the world, allowing consumers to access cryptocurrencies.
Earlier this year, PayPal appeared in the United States with the facility to buy and sell cryptocurrencies. Using digital coins so that consumers can make purchases from millions of vendors in their network, the company later brings that facility as well.
The company, based in San Jose, California, expects its sudden entry into the new asset class to encourage the use of virtual coins globally. In addition, corporations and central banks will prepare their networks for the digital currency they can create.
"We are committed to working closely with regulators in the United Kingdom, and around the world, to support and contribute to shaping the future role that digital currency will play in global finance and trade." - Jos Ponte, general manager and vice president of blockchain at PayPal's crypto and digital currency division, said in a statement.
PayPal's services will compete in the UK market with existing cryptocurrency exchanges such as Coinbase Global Inc. and fintech startups such as Revolt.
Through the online PayPal wallet or mobile app, the customers of the company will be able to buy 'Bitcoin', 'Ether', 'Lightcoin' and 'Bitcoin Cash'.
PayPal's announcement comes at a time when cryptocurrency prices are rising, while many established financial institutions are giving their customers (consumers and organizations) access to digital assets.
