PayPal Holdings will permit its customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday.
This rollout marked the first-ever international expansion of PayPal’s cryptocurrencies services beyond the UN boundaries. This will enable wider adoption of the newest asset segments.
With a whopping 403 million active accounts across the globe, the San Jose, California-based company has emerged as one of the best mainstream financial companies to confer consumers access to cryptocurrencies.
PayPal introduced cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to deal with merchant exchanges of buying or selling.
“We are committed to continuing 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, averred in a statement.
In the UK, PayPal’s service will compete against its opposition cryptocurrency exchanges like Coinbase Global and fintech startups such as Revolur. The company have granted bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.
The move strives to fetch the accessibility ratio of their clients, both consumers and institutions, to the latest digital assets.
