PayPal rolls out crypto services in the UK

August 23, 2021 07:17 PM AEST | By Team Kalkine Media

Google News:

PayPal rolls out crypto services in the UK — Image source: Primakov, Shutterstock.com

Recent News

What are next big copper projects? UBS tells when equipment makers cou...

EUR/USD poised to rack up more gains as ECB and Fed rate paths set to...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

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.

Image Source: © Kaedeenari | Megapixl.com

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.

Image Source: © Vectorhot | Megapixl.com

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.

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.

Image Source: © Siraanamwong | Megapixl.com

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

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.