PayPal allows UK customers to deal in cryptocurrency

PayPal Holdings announced it will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week.
PayPal money transfer
The roll-out, which marks the first international expansion of PayPal’s cryptocurrency services outside of the United States, could inspire mainstream adoption of the new asset class, Reuters reported.

PayPal has over 403 million active accounts globally. The San Jose, California-based company is one of the largest mainstream financial companies to offer consumers access to cryptocurrency.

PayPal launched cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.

“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.

In the UK, PayPal’s service will rival that of established cryptocurrency exchanges such as Coinbase Global, as well as well fintech startups such as Revolut.

Customers will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.

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