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Highlights
- PayPal will offer its cryptocurrency services to the UK customers to buy, hold and sell cryptocurrencies from next week.
- Like the US version, PayPal will partner with digital currency company Paxos to offer its services to buy and sell in the UK.
- PayPal’s will allow the British customers to trade in leading crypts such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin etc. with as little as £1.
PayPal, from the next week will allow UK customers to buy, hold and sell cryptocurrencies. The California-based company, which has more than 403 active accounts globally, is one of the largest financial companies to offer its consumers cryptocurrency services. PayPal’s will allow the British customers to trade in leading crypts such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin etc. with as little as £1.
Like the US version, PayPal UK will partner with digital currency company Paxos to offer its services to buy and sell in the country. However, in order to use the PayPal’s services actively, customers are required to have a mandatory verification of their identity.
PayPal’s Ambitious Expansion Plan
PayPal extending its services in the UK is a part of its ambitious plan of expanding its crypto borders outside the US. In fact, with PayPal allowing the British consumers using crypto services marks the first international expansion of PayPal’s crypto product.
Jose Fernandez da Ponte, PayPal’s General Manager for blockchain, crypto and digital currencies, said just like the US market, the team expects to enjoy the same amount of success in the UK market as well.
Wider adoption
Earlier in July, PayPal CEO Dan Schulman informed that the company has ambitious plans as far as cryptocurrencies are concerned. PayPal expects with its entry into the crypto, more and more people, crypto adoption will increase. De Ponte said that as the tokens have existed for a while now, users will find it easier entry point into the crypto market.
PayPal’s crypto service will operate just like another service offered by fintech firm Revolut. However, unlike Revolut, PayPal users won’t have the access to move their crypto holdings outside the app.
Despite its volatility concerns, more and more are warming up to the idea of using digital currencies as the future mode of payments. Large finance companies today are more confident to take the leap into the unregulated crypto markets. Companies such as Twitter, Tesla, Microsoft, Wells Fargo, JP Morgan have all shown their intent by actively promoting various cryptocurrencies.
Conclusion
With Bitcoin hitting the US $50000 mark on Monday, things look good for the crypto industry.
From the market capitalisation point of view as well, the crypto market has seen positive bump. As per CoinGencko, the total market cap of cryptocurrencies received a bump by 1.1% and was at US $2.17 trillion on Sunday. This has largely due to the bull run that the altcoins, Bitcoin, Ethereum has witnessed. The PayPal’s news should also brighten up the investor spirit and should help the crypto market see the bullish run continue.
