PayPal UK customers can now buy, sell, and hold Bitcoin and other cryptocurrencies. The global payments giant made this announcement on Friday.
In a tweet on Twitter PayPal said, “We are delighted to share that all eligible customers in the UK can now buy, hold, and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal accounts. Look out for it in the PayPal app,”
We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.
— PayPal UK (@PayPalUK) September 17, 2021
PayPal will continue to use New York’s licensed crypto company Paxos similar to its US version of digital asset products to facilitate the buying, selling, and holding of the supported assets.
PayPal earlier last month in a statement expressed its intention to expand to Great Britain, the latest development will allow UK customers to buy and sell various cryptocurrencies for as low as £1.
With this offering, the UK becomes the first international expansion for PayPal’s cryptocurrency products. The company earlier launched a similar service in the United States in October last year.
How Successful is PayPal this Service?
PayPal has received a positive response with its cryptocurrency services, it has managed to attract significant engagement on its platform and a major increase in revenue.
The Crypto Checkout service was introduced by the company earlier in March, to enable its customers to pay for goods and services using digital currencies across its 29 million online merchants globally.
The company has enjoyed massive success in the United States with its crypto initiative. Assuring the company to expand its offering to the UK and into more countries in the future.
While talking to CNBC, Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto, and digital currencies said, “It has been doing really well in the U.S. We expect it’s going to do well in the U.K.”
Future of PayPal Crypto Services
PayPal has enjoyed success with its crypto offerings, it is further working round the clock to ensure its clients have a user-friendly experience on their platform.
In the future, PayPal will be introducing Super App Wallet for digital assets in the US. Also, it will bring together a cryptocurrency team in Ireland. The team will focus on various roles such as anti-money laundering (AML), regulatory compliance, and business development.