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PayPal Introduces Cryptocurrency Service To British Customers

PayPal has said that its cryptocurrency service which has been launched will kick start on Monday for its customers in the UK. The launching marks the first international expansion of PayPal’s crypto product, which first launched in the U.S. in October last year. It said that the British customers will be able to buy, hold and sell digital currencies, starting this week. Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies said that they expect that the service is going to do well in the U.K. He also said that there is ongoing plan to expand the service to other places.

PayPal’s crypto feature lets customers buy or sell bitcoin, bitcoin cash, ethereum or litecoin with as little as £1. Users can also track crypto prices in real-time, and find educational content on the market.

Like the U.S. version of the product, PayPal is relying on Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the U.K. PayPal said it has engaged with relevant U.K. regulators to launch the service.

The payments processor is one of many large finance companies taking a leap into the mostly unregulated world of cryptocurrencies.

Despite ongoing concerns about price volatility, consumer protection, and potential money laundering in the industry, major firms including Mastercard, Tesla, and Facebook have been warming to crypto lately.

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