Customers in the UK can now purchase and sell cryptocurrency through PayPal Holdings Inc (NYSE: PYPL). The financial technology company, based in San Jose, California, announced that all eligible customers will be able to trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PayPal entered the digital currency world in October and plans to expand its crypto capabilities to the U.S. The company announced in February that it would also begin expanding to other parts of the Western Hemisphere. PayPal began acquiring the crypto offerings service in the UK by the end of August. Just like when it launched in the United States, PayPal is again enlisting Paxos for the UK launch. Paxos is a New York-regulated digital currency company.
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Even though PayPal only just announced the rollout of crypto buying in Britain, the original press release hinted at it in August. The company launched the service almost a year ago in October 2020 for its US market.
Jose Fernandez, who leads the PayPal blockchain and crypto efforts, weighed in on the latest UK service development. He said PayPal intends to play a key role in shaping the role of crypto in global finance. Fernandez said, “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.”
He also stated that PayPal expects the UK’s new crypto launch to emulate the US’s success. In addition to trading crypto on the platform, users will also gain access to crypto-price tracking and educational content.
With a Crypto Checkout Service, customers can use digital currencies to pay for goods and services across the company’s global network of 29 million online merchants. The massive success of PayPal’s crypto initiative in the United States has given the company confidence that its offerings will succeed in the United Kingdom.
With PayPal accounts, you can purchase, sell, and hold crypto fairly simply and easily. Buy Bitcoin with PayPal app. Users will first need to sign in to their PayPal accounts and select the Crypto section. In this section, users will select the digital currency of their choice and undergo KYC compliance checks. Information such as entering personal information, sending identity proofs, and understanding crypto risks are required. Additionally, PayPal will review the submitted data and successful applicants will now be able to choose the crypto amount and payment method.
PayPal is also currently on a crypto-related job hiring operation in Ireland. The company intends to fill up several positions for its business unit that pertains to digital assets.