PayPal is launching cryptocurrency services in the UK. The launch comes less than a year after the online payment giant first introduced the feature in the United States.
Starting this week, PayPal’s British customers will be able to buy, hold and sell digital currencies.
This is PayPal’s first International expansion of its crypto buying and selling services.
The company first launched the features in the US early this year and later enabled its customers to use their digital coin holdings to shop at the millions of merchants on its network.
Paypal’s Crypto feature allows users to buy or sell 4 cryptocurrencies – Bitcoin, Bitcoin cash, Ethereum and Litecoin with as little as £1.
Other features include tracking crypto prices in real-time, and being able to find educational content on the market to learn about risks in cryptocurrencies before transacting.
Customers can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice.
Also, customers will be able to fund their PayPal account for the purchase using their bank account or debit card, the company said.
PayPal said the launch in the US in “doing really well in the US,” and “expects it’s going to do well in the UK.”
The company hopes its push into cryptocurrencies would encourage its global use and prepare its network for new digital currencies that may be developed by corporations and central banks.
Bitcoin rose above $50,000 in early Monday morning, as the price continues to gradually rebound from its collapse three months ago.
“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,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
