PayPal's cryptocurrency services are now available to consumers in the United Kingdom, marking the company's first international expansion.
PayPal customers in the United Kingdom can now purchase, trade, and store numerous cryptocurrencies, including bitcoin and ether, directly from their accounts, according to the company.
PayPal's Crypto Services Are Now Available In The United Kingdom
“We're excited to announce that all qualified PayPal users in the United Kingdom can now buy, hold, and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash, and #Litecoin using their PayPal accounts. Look for it in the PayPal app,” according to the statement.
PayPal said it will continue to employ Paxos, a New York-licensed crypto firm, to enable the purchasing, selling, and holding of the supported assets, much as it does with its digital asset offerings in the United States.
Customers in the United Kingdom can purchase or trade the aforementioned cryptocurrencies for as little as £1, according to a statement released last month when the firm originally revealed its plans to extend to the United Kingdom.
The debut of the offering in the United Kingdom marks the firm's first worldwide extension of its cryptocurrency goods, which were first released in the United States in October of last year.
a huge success
PayPal has witnessed substantial interaction on its platform as well as a large boost in income since launching its cryptocurrency services.
The firm launched a Crypto Checkout Service in March of this year to allow users to pay for goods and services using digital currency at any of its 29 million online merchants around the world.
PayPal's crypto project was a huge success in the United States, so the corporation is certain that its offers will be successful in the United Kingdom.
In an interview with CNBC last month, Jose Fernandez da Ponte, PayPal's general manager for blockchain, crypto, and digital currencies, said, "It has been doing incredibly well in the United States, and we expect it to do well in the United Kingdom."
PayPal Is Dedicated to Growing Cryptocurrency Services
Despite the success of its cryptocurrency products, the company continues to work around the clock to guarantee that its customers have a pleasant experience with the service.
In the United States, PayPal wants to introduce a Super App Wallet for digital assets. In Ireland, the company is also forming a cryptocurrency team that will focus on several tasks like as anti-money laundering (AML), regulatory compliance, and business development.
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