Online financial services giant Paypal Holdings Ltd has expanded its product offering, allowing customers to buy, sell and hold cryptocurrencies in the UK.
As the company announced, this service’s debut in the UK marks the first international expansion of its crypto services, which it launched in the US back in October last year.
PayPal’s crypto offering allows customers to buy four digital currencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), for just £ 1. The purchased coins can be saved for free in the PayPal app, which is now equipped with an integrated wallet for each crypto.
“The pandemic has accelerated digital transformation and innovation in all aspects of our lives – including the digitization of money and increased 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, our expertise in digital payments and our knowledge of consumers and businesses, combined with strict security and compliance controls, give us a unique opportunity and responsibility to help people in the UK explore cryptocurrencies. “
While many brokers are struggling to meet UK Market Authority requirements, PayPal has won the heart of the Financial Conduct Authority (FCA) and given approval to offer the crypto service in the country. The company reiterated its commitment to continue working with regulators around the world.
“We are obliged [continuing] to work closely with regulators in the UK and around the world to offer our assistance – and to make a significant contribution to shaping the role of digital currencies in the future of global finance and commerce. “
In addition to buying and selling crypto, UK customers also have access to educational materials to help them understand how digital currencies work. This provision of resources will help reduce the risks for customers looking to buy crypto.
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