PayPal has started the international expansion for its cryptocurrency services in a bid to make it easier for people to access a wide range of cryptos
Leading payment giant PayPal has announced that it has started providing cryptocurrency trading services to its customers in the United Kingdom. The company made this known earlier today, adding that UK customers can now buy, sell and hold Bitcoin and a few other cryptocurrencies.
PayPal began offering cryptocurrency services to its users last year, making it possible for users to buy, sell and hold a few cryptocurrencies. However, the service was restricted to only PayPal customers in the United States.
This is the first time PayPal is expanding its cryptocurrency services to its customers outside the US. The California-based company has more than 400 million customers globally and intends to offer them an easy way to gain access to the cryptocurrency market.
Jose Fernandez da Ponte, PayPal's vice president and general manager for blockchain, crypto and digital currencies, said, "We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce."
The launch of cryptocurrency trading services in the UK will give traders more options to access the market. Already, UK traders can gain access to the crypto market via established cryptocurrency exchanges like Coinbase and other leading fintech companies like Revolut.
At the moment, PayPal is only offering customers access to a limited number of cryptocurrencies compared with the cryptocurrency exchanges. However, PayPal's large global reach and reputation could play a role in convincing more people to buy, sell and hold cryptocurrencies.
PayPal-owned Venmo also launched its cryptocurrency services earlier this year, allowing its millions of customers in the United States to gain access to the emerging market. The cryptocurrency market is slowly recovering from the slump of May and June.
Bitcoin is now trading at the $50,000 mark after dropping below the $30,000 level a few weeks ago. Ether is currently trading above $3,200 after another rally last week. These two cryptocurrencies, along with Litecoin and Bitcoin Cash, will be available to PayPal’s customers in the UK.