Paypal launches cryptocurrency services in the UK
Paypal, the payment processor giant, reported that it will launch its cryptocurrency services in the UK this week. The cryptocurrency service, which launched in the US in October 2020, will allow UK citizens to buy cryptocurrencies and keep them in their Paypal accounts. This will be Paypal’s first foray into offering cryptocurrency services outside of the US.
Paypal expands cryptocurrency business to the UK
Paypal, the billionaire payment processor, announced the expansion of its cryptocurrency-based services to the UK, starting this week. The offer will reportedly be similar to the one available in the US Paypal will allow UK citizens to purchase four cryptocurrencies from its platform: bitcoin, bitcoin cash, ethereum, and litecoin.
Paypal expects demand for the service to be high, similar to the response so far from its US crypto initiative Jose Fernandez da Ponte, PayPal’s general manager for blockchain, cryptocurrencies and digital currencies, stated the following:
“He has done very well in the US, we hope he does well in the UK.”
The Paypal service will continue to use Paxos as one of its key partners to offer this functionality. Paxos is a regulated cryptocurrency company based in New York. According to CNBC, the company has already contacted UK regulators regarding this service, to ensure compliance with current laws.
Cryptocurrency Demand Strengthens
Paypal’s cryptocurrency service is enjoying great success in the US In fact, Paypal CEO Dan Schulman stated that the demand for cryptocurrency products has been “multiple” from his company’s initial expectations. This is because the company attaches increasing importance to facilitating customer access to cryptocurrencies. Da Ponte stated the following:
“Tokens and coins have been around for a while, but you had to be a relatively sophisticated user to be able to access them. Having that on a platform like ours is a good entry point ”.
But Paypal did not limit itself to offering investment services for its clients. The company is also changing its service strategy to offer cryptocurrency payment processing. On March 30, the company announced that it had launched a new product called “Checkout With Crypto,” which enables crypto payments in millions of online stores.
However, Paypal still works as a closed ecosystem, not allowing its customers to withdraw the cryptocurrencies purchased from third-party wallets, something that has earned them criticism from cryptocurrency users.
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