PayPal Expands its Cryptocurrency Services to the UK

PayPal Holdings Inc announced that it will allow customers in the UK to buy, sell, and hold cryptocurrencies starting from this week. This is the first time that PayPal will launch its crypto services outside of the United States.

The backstory – PayPal announced its entry into the crypto sphere with an announcement in October 2020. Earlier this year, PayPal announced its plans to allow the buying, selling, and holding of cryptocurrencies on its network. The company also enabled its users to spend digital assets at millions of merchants on its network.

PayPal Offers Crypto Services in the UK

PayPal’s crypto service now extends to the UK where users can purchase cryptocurrencies including Bitcoin, Bitcoin Cash, Ether, Litecoin, etc. for as little as $1. These services resemble PayPal’s services in the U.S., though there are transaction limits for UK customers.

Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto, and digital currencies at PayPal, mentioned that PayPal is committed to working continuously with the UK regulators and they would like to contribute to the digital currencies going to play in the future of global finance and commerce.

Looking ahead – We may likely witness several leading companies gradually expanding their footsteps considering client demand.