In a recent announcement, PayPal has revealed that it is launching its cryptocurrency service
in the UK. This will give residents the opportunity to buy, hold and sell
digital money.
This move marks the first international expansion of the
firm’s crypto product. This was first launched in the US in October last year.
The feature allows customers to buy or sell bitcoin,
bitcoin cash, ethereum or litecoin with a minimum of £1. Moreover, they can use
it to track prices of virtual currency in real-time and to find educational
content on the market.
Like in the US, PayPal is relying on Paxos to enable crypto
operations in the UK. This is a regulated digital currency company based in New
York. The firm has announced that it has also engaged with relevant U.K.
regulators to launch the service.
This move into the UK market will make it easier for people
to take part in the cryptocurrency market. PayPal’s
platform provides an entry point that allows more users to access and use
virtual money. Jose Fernandez da Ponte, the firm’s general manager for blockchain,
crypto and digital currencies, advanced, “It has been doing really well in the
U.S. We expect it’s going to do well in the U.K.”.
Photo credit: Madartzgraphics from Pixabay
PayPal has launched its crypto platform in the UK
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