PayPal launches crypto services for customers based in the UK. PayPal Customers will be able to buy/sell cryptocurrencies starting from this week.
PayPal is one of the popular mainstream financial services providers. Around 403 million people in the world use Paypal. The California-based company allows its customers to access cryptocurrency in the easiest way possible. It allowed the United States-based individuals to buy/sell crypto on the platform earlier this year.
In March 2021, PayPal announced that its US-based customers can also make purchases at the Global merchants using digital currencies.
Today, PayPal has announced that People residing in the United Kingdom can also hold, buy or sell digital currencies on its platform. The move will make crypto holding and trading convenient for People residing in the UK.
General Manager for Blockchain, crypto, and Digital Currency at PayPal said in a statement “We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce, ”
PayPal launches crypto services as bitcoin enters its second bull market of the year with a price tag of $50K. With the increasing value of the market, Bitcoin is becoming famous among institutions. The mainstreaming of digital currencies is on the way.
Last week Standard Chartered Bank launched crypto services in Ireland. This indicates European countries’ willingness to adopt cryptocurrency.
Many other financial service providers are likely to follow PayPal in adopting crypto. MasterCard is set to facilitate Crypto transactions by the end of this year. Visa has already partnered with crypto.com for providing digital currencies services. Moreover, Venmo, Square.Inc, Robinhood, and other platforms are also meddling in the fintech arena.