PayPal launches crypto buying and selling in UK

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A smartphone with the PayPal logo is placed on a laptop in this illustration taken July 14, 2021. REUTERS / Dado Ruvic / Illustration

LONDON, Aug.23 (Reuters) – PayPal Holdings Inc (PYPL.O) will allow UK customers to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday.

The rollout, which marks the first international expansion of PayPal’s cryptocurrency services outside of the United States, could inspire further widespread adoption of the new asset class.

With more than 403 million active accounts worldwide, the San Jose, California-based company is one of the largest consumer finance companies to provide consumers with access to cryptocurrencies.

PayPal started buying and selling cryptocurrencies in the United States earlier this year, later allowing customers to use their holdings of digital coins to make purchases from the millions of merchants in its network.

The company hoped that its foray into the new asset class would encourage the global use of virtual coins and prepare its network for new digital currencies that could be developed by businesses and central banks.

“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support and significantly contribute to shaping the role

digital currencies will play into the future of global finance and commerce, ”said Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal, in a statement.

In the UK, PayPal’s service will rival that of established cryptocurrency exchanges such as Coinbase Global Inc (COIN.O), as well as fintech startups such as Revolut.

Customers will be able to purchase bitcoin, ether, litecoin, and bitcoin cash through their PayPal wallets online or on the mobile app.

The move comes as more established financial firms have started offering their clients, consumers and institutions, access to digital assets, amid rising cryptocurrency prices. Read more

Reporting by Anna Irrera; edited by Jason Neely

Our standards: Thomson Reuters Trust Principles.


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