Paypal, the payment processor company giant, announced that it will launch its cryptocurrency services to the UK this week. The service, which was first launched in the United States on October 2020, allows UK citizens to buy cryptocurrency and keep it in their Paypal account. This will be Paypal’s first venture into offering cryptocurrency services in the United States.
Paypal Expands Crypto Business to the UK
Paypal, the multi-million-dollar payment processor, announced that it will be expanding its cryptocurrency-based services to the UK starting this week. According to reports, the offer will look similar to the one offered in the United States. Paypal will allow UK citizens four cryptocurrencies to be purchased from its platform: bitcoin cash, bitcoin cash, Ethereum and Litecoin.
Paypal expects high demand for the service, similar to the response from its US crypto initiative. Jose Fernandez da Ponte was the general manager at PayPal for blockchain, crypto, and digital currencies.
It worked great in the US, and we expect it to work well here in the UK.
Paxos will be used by Paypal as a key partner to continue providing this functionality. Paxos is a New York-based, regulated cryptocurrency company. According to CNBCThe company has already contacted UK regulators about this service to ensure compliance.
The demand for crypto is growing
The US is seeing great success with Paypal’s cryptocurrency service. In fact, Paypal CEO Dan Schulman said the demand for cryptocurrency products was “many times over” from his company’s initial expectations. In fact, the company is increasing its focus on facilitating customers’ access to crypto. Da Ponte said:
Although coins and tokens have been around a while, access to them was only possible for those who were very skilled users. This is a great entry point to a platform like ours.
Paypal does not limit itself to providing investment services to its customers. The company is also changing its service strategy in order to offer cryptocurrency payment processing. The company launched “Checkout With Crypto,” an innovative product that allows customers to make crypto payments at millions of online stores.
Paypal is still a closed ecosystem and its customers are not allowed to withdraw their purchased cryptocurrencies to third party wallets. This has led to criticism from crypto users.
How do you feel about Paypal expanding their crypto business in the UK Please leave your comments below.