PayPal rolls out crypto services in the UK

Highlights

  • The mainstream adoption of digital currency is innately leading to global advancement in payments and trading system.
  • PayPal Holdings Inc. has launched its crypto trading services in the United Kingdom.
  • Following the launch, the stock price of PayPal was up on the NASDAQ.

With the passage of time, there is going to be an inevitable transformation in global finance and commerce arena with a swift shift to virtual currencies. The mainstream adoption of digital currencies will innately draw in advancement in payments and trading system. PayPal seems to be on the same page to orient itself to such changing times.

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The online payments giant, PayPal Holdings Inc. (NASDAQ:PYPL) has announced further expansion of its cryptocurrency offering with the launch of its crypto services in the United Kingdom. It will allow its British customers to buy, hold, and sell virtual currencies or the digital coins via their PayPal accounts.

You may watch: Which are the five best performing cryptos of 2021?

The roll out of crypto trading services by PayPal in the UK is its first step in international expansion of PayPal’s crypto product outside its home market of the United States.

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With its entry into the crypto market in the United Kingdom, PayPal will have to deal with the looming competition from the popular cryptocurrency exchanges such as Coinbase Global Inc (COIN.O) and Revolut.

Related article: Where can you store your crypto? 10 prominent multi-crypto wallets

While this offering will serve as a medium to explore digital economy, it has certain limitations too. Users eligible to enjoy access to crypto trading via PayPal will not be allowed to move their digital coins outside the app, that means virtual assets can’t be transferred to any other wallet. Also, Paypal has restricted the crypto services to individual accounts, it isn’t supported for PayPal business accounts yet.

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Related article: Is the BNPL market heading towards PayPal dominance?

Bottom Line
Since a year, PayPal has been actively working to add to its contribution in making the use of digital currencies simpler and expanding crypto market for a larger population in the international market. The launch of crypto services in the UK by PayPal is certainly a step forward in the same direction that increases exposure to digital assets and promotes global use of virtual coins.

Also read: PayPal, Square Ride High On Strong Digital Payments

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