PayPal will allow customers in the UK to buy, sell and hold Bitcoin and other cryptocurrencies from this week, the company said on Monday.
The launch, which marks the first international expansion of PayPal’s cryptocurrency services outside the United States, could inspire adoption of the new asset class.
With more than 403 million active accounts globally, the San Jose, Calif.-based company is one of the largest traditional financial companies to offer consumers access to cryptocurrencies.
PayPal launched buying and selling cryptocurrencies in the United States earlier this year, later allowing customers to use their digital currency holdings to shop from the millions of merchants on its network.
The company hoped that its entry into the new asset class would encourage the global use of virtual currencies and prepare its network for new digital currencies that could 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 contribute significantly to shaping the role that digital currencies will play in the future of global finance and trade,” Jose Fernandez da Ponte, vice president and general manager of PayPal’s blockchain, encryption and digital currencies, said in a statement.
In the UK, PayPal’s service will rival established cryptocurrency exchanges like Coinbase Global, as well as fintech startups like Revolut.
Customers will be able to purchase Bitcoin, Ethereum, Litecoin and Bitcoin Cash through their PayPal wallets online or in the mobile app. The price of Bitcoin in India on August 23rd at 10:57 am IST was Rs. 38.46 lakhs. The price of Ethereum in India on Aug 23 at 10:57 IST was Rs. 2.55 lakhs. The price of Litecoin in India on August 23 at 10:57 am IST was Rs. 14,520. The spot price of Bitcoin in India on August 23 at 10:57 am IST was Rs. 50,797.
The change comes at a time when more established financial companies have started to offer their customers, consumers and institutions, access to digital assets, amid the increase in the prices of cryptocurrencies.
© Thomson Reuters 2021