PayPal users in the United Kingdom will be able to purchase, sell and hold crypto assets through its platform.
Starting from this week, British citizens who have verified PayPal accounts can use the service, but business ones aren’t supported yet. The four digital currencies that will be available to customers are bitcoin, ether, bitcoin cash, and litecoin.
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency.”Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies
The announcement comes almost one year after PayPal launched its virtual currency services for the first time. This is also the first country outside the United States the company has expanded its crypto transactions.
“It makes sense that, as there is increased consumer interest and increased volume, the regulators are putting more attention into this space,” da Ponte stated, adding that PayPal has created some “strong regulatory relations.”
Back in April, the firm also collaborated with Coinbase allowing the exchange users to purchase digital assets utilizing their bank accounts and debit cards that are connected to PayPal. The service is only available in the U.S., and customers can acquire up to $25,000 in crypto daily.
“If you have an existing PayPal account, you’ll be able to start making transactions on Coinbase right away. Plus, there’s no need to add bank accounts or card numbers directly to Coinbase — you can continue using PayPal to securely manage your information.”