PayPal Expands Its Crypto Services to the UK
PayPal has yet again made a huge move in the crypto space. In October last year, it enabled the crypto feature for its users in the USA. People in the US could now shop and pay for services and goods using the cryptocurrency – specifically Bitcoin.
This Monday, the company announced it will in this week launch its crypto usage in the UK. Users in the UK will now buy, hold and sell their cryptocurrency assets. The cryptos, however, are only limited to FOUR coins: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
In a world full of skepticism, doubt, and even fear, the crypto-verse has been experiencing major hits from regulators and a horde of critics generally. Bitcoin, the alpha coin, has experienced a lot of criticisms since its launch back in 2009. Chinese regulators launched crypto crackdowns which made sure many Bitcoin miners were shut down.
PayPal is working closely with Paxos (a New York-regulated digital currency) to ensure smooth crypto transactions in the UK. Moreover, the company is working with British regulators to launch this service.
A spokesperson for Britain’s Financial Conduct Authority wasn’t available to give any comments regarding this matter.
PayPal Marks this its First Crypto Expansion
PayPal marks this as its first cryptocurrency international expansion since launching in the US last year. Furthermore, it’s one of the companies taking a leap to introduce unregulated cryptocurrency to the masses. This move will allow more verified users access to cryptos thereby making it aware to even the unaware.
Back then it was only sophisticated people that could access cryptocurrency. Now PayPal has made it easier for someone who doesn’t know anything techy about blockchain to simply transact using the cryptographic currencies. PayPal’s platform is easy to use compared to most cryptocurrency exchange platforms.
Launching in the UK will make PayPal competitors of Coinbase and Revolut – two of the major cryptocurrency exchanges in the UK.
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