With this roll out, PayPal is making its first international expansion of its cryptocurrency services outside the US. This move of the company could lead to mainstream adoption of the new asset class. The California-based San Jose Company is one of the largest mainstream financial companies providing consumers access to cryptocurrencies, with over 4003 million active accounts globally.
PayPal introduced buying and selling of cryptocurrencies in the United States earlier this year. The latter enabled customers to use their digital coin holdings to make purchases at millions of merchants on their network. The company expects that its entry into the new asset class will fuel the global use of virtual coins and prepare its network for new digital currencies that can be developed by corporations and central banks.
“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support – and to make a meaningful contribution to shaping the role of digital currency in the future of global finance and commerce.” Jose Fernandez da Ponte, Vice President and General Manager of Blockchain, Crypto and Digital Currency at PayPal, said in a statement.
In the UK, the PayPal service will compete with established cryptocurrency exchanges such as Coinbase Global, as well as fintech startups such as Revolut. Customers will be able to purchase Bitcoin, Ethereum, Litecoin and Bitcoin Cash through their PayPal wallet online or on the mobile app. <!–
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