Bitcoin, Ethereum, Litecoin are now available to Paypal customers in the UK

As Bitcoin and other cryptocurrencies become more widely accepted and used around the world, finance behemoths are beginning to embrace them in their product offerings. Paypal's latest announcement on this front is that it will expand its bitcoin services in the United Kingdom.

Customers in the United Kingdom will be able to buy, hold, and sell cryptocurrencies using their Paypal accounts starting this week. Paypal had begun selling similar services in the United States in November of last year, prior to this change.

Customers can use Paypal's crypto-features to purchase digital currencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

PayPal's General Manager for Blockchain, Crypto, and Digital Currencies, Jose Fernandez da Ponte, told CNBC that the company expects the expansion to be as successful as it was in the United States. He continued,

“With our worldwide reach, digital payments expertise, consumer and business understanding, and stringent security and compliance standards, we have the unique potential, and obligation, to assist consumers in the United Kingdom in exploring cryptocurrency.”

Paypal's entry into the country's crypto-market might significantly increase usage and ownership, which is now very low in comparison to other countries. In truth, it only accounts for 8% of the overall population. Da Ponte also told CNBC that because cryptocurrency investments necessitate a high degree of sophistication, “having that on a platform like ours creates a pretty nice entrance point.”

This action, according to the executive, complies with the Financial Conduct Authority of the United Kingdom (FCA). This is a significant statement, especially given the agency's recent loose use of its regulatory powers. In fact, the FCA's decision to prohibit Binance from functioning in the country is a prime example.


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