- PayPal will launch its crypto services in the UK.
- Moreover, it will use Paxos to help it let users buy and sell crypto.
- PayPal aims to help more customers take part in the crypto market.
This just in: PayPal will launch its crypto services in the UK.
The US-based online payments giant announced on Monday that it will let British customers buy, hold and sell digital currencies starting this week. This will mark the first international expansion of PayPal’s cryptocurrency offering. Before this, it launched the same in the US, for the first time ever.
Speaking to CNBC, Jose Fernandes da Ponte said:
It has been doing really well in the US. We expect it’s going to do well in the UK.”
Da Ponte is PayPal’s general manager for blockchain, crypto, and digital currencies.
With PayPal’s crypto feature, customers can buy or sell bitcoin, bitcoin cash, ethereum, or litecoin for as little as £1. In addition to tracking crypto prices in real-time, users can find info on the market with it as well.
Moreover, PayPal will use Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the UK. It also relies on the same for its crypto operations in the US.
The company has stated that it has spoken to the relevant UK regulators for the service launch. However, officials from the Financial Conduct Authority, Britain’s finance watchdog, have not spoken about the launch yet.
Adoption Is on the Rise
PayPal says that, with it being part of the crypto space, customers will find it easier to participate. About this, Da Ponte added:
The tokens and coins have been around for a while but you had to be a relatively sophisticated user to be able to access that. Having that on a platform like ours makes a really good entry point.
The US payments firm is one of many big companies stepping into the largely unregulated crypto pond. This news comes at a time when concerns about volatility, security, consumer protection, and money laundering threats are intensifying. Still, major firms such as Mastercard, Tesla, and Facebook are taking the leap.