After an announcement not long ago, PayPal has finally announced the start of cryptocurrency trading services in the UK.
PayPal users in the United Kingdom will now be able to purchase, hold and sell cryptocurrencies using PayPal’s services on the platform. This is another one of PayPal’s major expansion projects. The previous mega expansion project was enabling PayPal users to take advantage of crypto-based services in the United States back in October of last year. During an interview with news group CNBC, the general manager of crypto, blockchain, and digital assets at PayPal, Mr. Jose Fernandez, stated that the cryptocurrency services provided in the United States had been a successful endeavor, and the company is expecting the same level of performance in the United Kingdom likewise.
Cryptocurrency services will be available to users on both the applications and the official website. As of now, the choice of cryptocurrencies is very limited to just the four that include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, with support for many others surely scheduled to arrive in the coming times. Mr. Jose Fernandez also said the Covid-19 Virus had been a major reason why the popularity of digital currencies has reached what it is now and that the pandemic has definitely become a reason for the increase of innovations and digitalization of traditional money, as the adoption rate continues to grow.
Paxos and PayPal
Same as in the United States, PayPal works with Paxos, which is a regulated digital asset firm based in the city of New York. Paxos has helped PayPal to introduce purchasing and selling of cryptocurrencies in the United Kingdom. Paxos has assured that it is in good contact with the regulatory authorities of the UK, so there is nothing to worry about regarding the regulations of cryptocurrency trading. Officials from Paxos stated that they are in touch with regulatory authorities in the UK and also globally in order to help digital currencies play in the financial sector worldwide.
In the case of expanding products, Mr. Jose Fernandez also mentioned that since the company has just started operating crypto services in the UK, it will be closely monitoring the market in the UK in order to determine what type of products are popular to consumers because not all markets have the same type of interest in similar products.