Fintech giant PayPal has announced that all of its eligible customers can now buy, sell and hold cryptocurrencies in the U.K.
Costumers in the U.K. are now able to buy and sell crypto
On August 23, PayPal had announced that it would allow its users to buy and sell various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash by accessing their PayPal U.K. account through the website or mobile app. But today, the company tweeted that this option is finally available in the U.K. and that users should be looking out for it in their app.
Jose Fernandez da Ponte, the company’s blockchain lead, commented on the announcement stating. “We are committed to continue working closely with regulators in the U.K. 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,” he said.
PayPal bets on the increasing use of cryptocurrencies
PayPal’s crypto service is similar to that of Revolut, a British fintech company. Like Revolut, PayPal users cannot move their crypto holdings outside the app. However, Revolut recently began testing a feature that allows users to withdraw bitcoin into their own personal wallets.
Even though it appears that PayPal is only now allowing its customers to use their app to trade cryptocurrencies. Macro-economically, the company is betting that digital currencies will play a more significant role in e-commerce in the long run. Earlier this year, PayPal began allowing U.S. customers to pay with cryptocurrencies at millions of online retailers worldwide and also announced it will be launching an app wallet designed for cryptocurrencies.