Online financial services giant Paypal Holdings Ltd has expanded its product offering, allowing customers to buy, sell, and hold cryptocurrencies in the United Kingdom.
As announced by the company, this service’s debut in the UK marks the first international expansion of its crypto services which it launched in the United States back in October last year.
With the Paypal crypto offering, customers can buy four digital currencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), with as little as £1. The purchased coins can be stored at no cost on the Paypal app, which now comes with an integrated wallet for each crypto.
“The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal.
“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 UK to explore cryptocurrency.”
While many brokerages are finding it hard to meet the UK market regulator’s requirements, Paypal has won the heart of the Financial Conduct Authority (FCA), informing the approval to offer the crypto service in the country. The firm reiterated its commitment to continue working with regulators around the world.
“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.”
In addition to buying and selling crypto, UK customers will also have access to educational materials that will help them understand how digital currencies function. This resource provision will help reduce the risks of exposure to the customers intending to purchase crypto.
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