PayPal launches crypto buying and selling in the UK


FILE PHOTO: A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - PayPal Holdings Inc will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday.

The roll-out, which marks the first international expansion of PayPal's cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class.

With over 403 million active accounts globally, the San Jose, California-based company is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.

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

The company hoped its foray into the new asset class would encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.

"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.

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

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

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

(Reporting by Anna Irrera; editing by Jason Neely)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

Defeat the darkness by solving puzzles: 'The Lightbringer' for PCs
Crypto catfishing: When online dating turns into Bitcoin scam
Bitcoin tumbles 5.5% to $53,436
Google real estate executive says 5% more workers coming in to office each week
Facebook whistleblower says transparency needed to fix social media ills
Twitter's design, engineering heads to step down in management rejig
Bring an old phone back to life with a free Android alternative
Fundraising for Latam fintechs likely to be under pressure
Waymo has tens of thousands people on San Francisco robotaxi waitlist, co-CEO says
Musk's Starlink to apply for India licence by end of January

Others Also Read


Vouchers