PayPal users with accredited identities will start accessing cryptocurrency trading soon. However, cryptocurrency transactions for its business account are not supported yet.
Starting from this week, U.K residents will have initial access to buying, holding, and selling cryptos via PayPal. This development will make a remarkable milestone for a firm that started providing digital asset services within one year.
PayPal is an American multinational financial technology company that operates an online payments system. It’s a global payment provider with services accessed in most countries that support online money transfers.
PayPal serves as an electronic alternative to traditional payment methods such as checks and money orders.
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On Sunday, the popular payment provider declared its intent to allow U.K customers access to cryptos. The cryptos are Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC). Of course, you can always access them via mobile app or website.
The Sunday announcement marked PayPal’s first expansion of crypto services outside the U.S and was initially launched last year November.
PayPal Aims To Boost Cryptocurrency Exposure In U.K.
Jose Fernandez da Ponte cited money digitization during COVID-19 as one of the main motivations for embracing crypto. Jose Fernandez is a high-ranked executive for PayPal’s cryptocurrency division. He added that;
“Our expertise on global digital payments provides us with the opportunity and responsibility of helping U.K. residents to explore cryptocurrency. This adds to our businesses and consumers knowledge combined with various security and compliance controls.”
By making its crypto services available to U.K. residents, the online payment giant plays a role in increasing the country’s cryptocurrency exposure.
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According to reports, the payment giant has the highest penetration among other European countries in U.K.with over 2 million active users monthly.
Rumors on PayPal’s crypto expansion proposal have been in circulation since the past month after Dan Schulman’s speech. Dan Schulman’s CEO had earlier informed investors on the soon coming PayPal services to the U.K. residents.
Reports further show that PayPal’s eye development in Defi is a precursor to integration plans in the future. The Financial Conduct Authority (FCA) on regulation in the U.K. goes down on some crypto exchanges. These are exchanges that have not met their registration demands.
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For example, FCA shuttered the operations of Binance U.K. after warning them against providing regulated trading activity in the country this summer.
PayPal’s da Pote Jose gave assurance that his company will keep working with U.K. regulators and others to roll out its cryptocurrency services.
Featured image from Pixabay, chart from TradingView.com