United Kingdom citizens may now purchase, hold and trade cryptocurrencies using PayPal. This marks a significant milestone for the firm that just began selling digital asset services a little over one year ago, according to a recent press release.
According to PayPal’s announcement on Sunday, consumers in the United Kingdom will soon be able to use the company’s website and mobile app to purchase Bitcoin, Ether, Litecoin, and Bitcoin Cash (BCH).
PayPal’s cryptocurrency services will now be available outside of the United States for the first time. The service was initially launched in November of last year.
During the epidemic, PayPal’s crypto division’s Jose Fernandez da Ponte highlighted the “digitization of money” as one of the major motives for entering crypto. He went on to say:
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency.”
The company’s decision to make cryptocurrency services available to UK residents could help increase awareness of digital assets in the country, according to a recent report.
Reports indicate that PayPal penetration in Europe’s United Kingdom is at its greatest level with over 2 million monthly active users.
After CEO Dan Schulman informed investors that the U.K. is expected to acquire the service soon, rumours began to circulate regarding PayPal’s ambitions to expand its cryptocurrency offerings. Company officials are also keeping an eye on advances in decentralised finance (DeFi), which might be a prelude to future integration ambitions.
When it comes to regulation, the Financial Conduct Authority (FCA) of the United Kingdom is stepping up its crackdown against unregistered bitcoin exchanges. On July 15, the Financial Conduct Authority (FCA) notified Binance that it was not authorised to operate as a regulated trading platform in the United Kingdom.
Paypal are “committed to continue working closely with regulators in the U.K. and around the world” in rolling out its crypto offerings.,” da Ponte said of PayPal’s plans to roll out its crypto products.