PayPal Opens Service For UK Customers To Transact In Crypto Money

PayPal, is not a new cryptocurrency service for UK customers. (photo: unsplash)

JAKARTA - PayPal Holdings Inc will provide services that will enable their UK customers to buy, sell and hold bitcoin and other cryptocurrencies starting this week. The statement came out of PayPal sources Monday, August 23, 2021.

The launch of the new feature marks the first international expansion of PayPal's cryptocurrency service outside the United States. This feature could inspire further mainstream adoption of the new asset class.

With more than 403 million active accounts globally, the San Jose, California-based company is one of the largest mainstream finance companies offering consumers access to cryptocurrencies.

PayPal launched the buying and selling of cryptocurrencies in the United States earlier this year, allowing customers to use their digital coin holdings to shop at the millions of merchants on its network.

The company hopes that its foray into new asset classes will drive the global use of virtual coins and prepare its network for new digital currencies that companies and central banks can develop.

"We are committed to continuing to work closely with regulators in the UK, and around the world, to offer our support, and contribute meaningfully to shaping the role digital currencies will play in the future of global finance and trade," said Jose Fernandez da Ponte, deputy president and general manager for blockchain, crypto and digital currency at PayPal, as quoted by Reuters.

In the UK, PayPal's service will rival established cryptocurrency exchanges such as Coinbase Global Inc, as well as fintech startups such as Revolut.

Customers will be able to buy bitcoin, ether, litecoin, and bitcoin cash through their PayPal wallet online or in the mobile app.

The move comes as more established financial firms start offering their clients, both consumers and institutions, access to digital assets, amid rising cryptocurrency prices.