PayPal is launching a new service enabling its customers in the UK to buy, hold and sell cryptocurrency.
Bitcoin, Ethereum, Litecoin and Bitcoin Cash are the four digital currencies on offer.
The roll-out marks the company’s first international expansion of its cryptocurrencies services outside of the United States
and could inspire further mainstream adoption of the new asset class.
Paypal launched crypto buying and selling in the U.S. in early 2021, enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.
With over 403 million active accounts globally, the California-based company is one of the largest mainstream financial companies to offer such a service.
Customers will be able to buy the cryptocurrencies through their PayPal wallets online or on the mobile app.
They will also be able to:
- view real-time crypto prices
- access educational content to help answer commonly asked questions
- and learn more about cryptocurrencies, including the opportunities and risks.
The company hopes its foray into the new asset class will encourage global use of virtual coins…
and prepare its network for new digital currencies that may be developed by corporations and central banks.
Vice president and general manager for blockchain, crypto and digital currencies at PayPal, Jose Fernandez da Ponte, said in a statement:
"We are committed to continue 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."
PayPal's move comes as more established financial companies have started offering their clients access to digital assets amid rising cryptocurrency prices.