PayPal users who have been granted an accredited identity will soon be able to trade cryptocurrency. But, cryptocurrency transactions for his business account cannot be done at this time.
UK residents will soon be able to purchase, hold and sell crypto through PayPal. This is a significant milestone for a company which began offering digital asset services in less than a year.
PayPal is an American multinational financial tech company that offers an online payment system. It is a global payments provider that provides services in all countries that accept online money transfers.
PayPal is an electronic alternative to traditional payment methods like checks and money orders.
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The popular payment provider announced that it would allow UK customers to access cryptos on Sunday. Cryptos include Ether, Bitcoin Cash (BCH), Litecoin(LTC) and Bitcoin (BTC). You can access it via a mobile app or website.
Sunday’s announcement marked PayPal’s first expansion outside of the United States of its crypto services. This service was launched in November last year.
PayPal wants to increase cryptocurrency exposure within the UK
Jose Fernandez da Ponte stated that the digitization of money during COVID-19 was one of the main reasons he adopted crypto. Jose Fernandez, a senior executive in PayPal’s cryptocurrency division, is quoted as: He also said that
“Our expertise in global digital payments gives us the opportunity and responsibility to help UK residents explore cryptocurrency. This adds to our knowledge of both consumers and businesses, as well as various security and compliance controls.
The online payment giant is helping to increase the country’s exposure to crypto by making its services available to UK residents.
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According to reports, the UK’s largest payment company has the highest penetration in the country with more than 2 million active users per month.
Rumours about PayPal’s proposed crypto expansion circulated for the past month after Dan Schulman’s speech. The CEO of PayPal Dan Schulman previously informed investors about future PayPal services for UK residents.
Further reports show that PayPal’s eye development at Defi could be a precursor for future integration plans. Some Crypto Exchanges Are Accused of a Failure by the UK Financial Conduct Authority. These are exchanges that have not replied to their registration requests.
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After warning Binance UK not to provide regulated trading activity in the UK this summer, FCA shut down Binance UK operations.
Da Pote Jose, PayPal’s CEO, assured that his company would continue to work closely with UK regulators to develop its cryptocurrency services.
Featured image taken from Pixabay. Chart from TradingView.com