PayPal's Cryptocurrency Trading Feature Will Benefit UK Customers

PayPal users with accredited identities will start accessing cryptocurrency trading soon. However, cryptocurrency transactions for its business account are not supported yet. Residents of the United Kingdom will be able to buy, hold, and sell cryptos via PayPal starting this week. This is a significant achievement for a company that only a year ago began offering digital asset services.

PayPal is a multinational financial technology business based in the United States that operates an online payment system. It's a global payment provider with services available in nearly every country that accepts online money transactions.

PayPal is an electronic payment option that replaces traditional payment methods like checks and money orders.

The popular payment company said on Sunday that it would allow U.K. users to use cryptocurrency. Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC) are the four cryptos (BTC). Of course, you may always use a mobile app or a website to get to them.

PayPal's statement on Sunday marked the company's first foray into crypto services outside of the United States, and it was first launched in November of last year.

PayPal Is Attempting To Increase Cryptocurrency Exposure In the United Kingdom

During COVID-19, Jose Fernandez da Ponte mentioned money digitization as one of the primary reasons for adopting crypto. Jose Fernandez works for PayPal's cryptocurrency branch as a senior executive. He also stated;

“Because of our expertise in worldwide digital payments, we have the opportunity and duty of assisting UK residents in their cryptocurrency exploration. This contributes to our understanding of our businesses and customers, as well as numerous security and compliance controls.”

According to statistics, the payment giant has the largest penetration among European countries in the United Kingdom, with over 2 million monthly active users.

Since Dan Schulman's speech a month ago, rumors about PayPal's crypto growth proposal have been circulating. The CEO of Dan Schulman had already briefed investors about the upcoming PayPal services for UK residents.

According to reports, PayPal's interest in Defi is a foreshadowing of future integration plans. The Financial Conduct Authority (FCA) is cracking down on some cryptocurrency exchanges in the United Kingdom. These are the exchanges that have failed to comply with their registration requirements.


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