PayPal will allow UK customers to buy, sell and hold Bitcoin and other cryptocurrencies starting this week, the company said on Monday.
The deployment, which marks the first international expansion of PayPal cryptocurrency services outside the United States, could inspire wider adoption of the new asset class.
With more than 403 million active accounts worldwide, the San Jose, Calif.-Based company is one of the largest traditional financial firms providing consumers with access to crypto-currencies.
PayPal started buying and selling cryptocurrencies in the United States earlier this year, later allowing customers to use their holdings of digital coins to make purchases from the millions of merchants in its network.
The company hoped that its foray into the new asset class would encourage the global use of virtual coins and prepare its network for new digital currencies that could be developed by businesses and central banks.
“We are committed to continuing to work closely with regulators across the UK and around the world to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of finance and commerce. global, ”Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal, said in a statement.
In the UK, PayPal’s service will rival that of established cryptocurrency exchanges such as Global Coinbase, as well as fintech startups such as Revolution.
Customers will be able to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their online PayPal wallets or on the mobile app. Bitcoin price in India on August 23 at 10:57 am IST was Rs. 38.46 lakhs. Ethereum Price in India on August 23 at 10:57 am IST was Rs. 2.55 lakhs. Litecoin price in India on Aug 23 at 10:57 am IST was Rs. 14,520. Bitcoin cash price in India on August 23 at 10:57 a.m. IST was Rs. 50,797.
The move comes as more established financial firms have started offering their clients, consumers and institutions, access to digital assets, amid rising cryptocurrency prices.
© Thomson Reuters 2021
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