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PayPal Allows UK Customers to Trade in Cryptocurrencies via Its Platform

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PayPal

Highlights:

  • PayPal will now allow its users in the U.K. to buy, sell, and hold crypto.
  • The customers can purchase four types of cryptocurrencies: bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
  • Enables access to cryptocurrency for consumers in a secure and responsible way.

PayPal has introduced the feature of cryptocurrency buying and selling on its platform for the people of the UK. Going forward, PayPal users in the UK will be able to trade in Bitcoin, Ether, and other such cryptocurrencies. As PayPal announced its adoption of crypto assets in the UK, the digital coins traded at a higher price than usual.

This represents the first international expansion of the company’s cryptocurrency product since the company launched the service in the United States in October. Like its U.S. users, PayPal’s U.K. customers will also be able to trade and hold four cryptocurrencies: Bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH).

You can buy, sell and hold cryptocurrency through PayPal’s cryptocurrency service, but you can’t use it to send cryptocurrency. Purchases and sales of cryptocurrency aren’t reversible. None of the information provided by PayPal should be taken as tax, financial, legal, trading, or investment advice. With over 403 million active accounts globally, the San Jose, California-based company is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.

Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto, and digital currencies at PayPal, said in a statement.

“We are committed to continuing 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. Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies. For this, PayPal commits to work with the regulators in the UK and around the world”.

In the UK, PayPal’s service will rival that of established cryptocurrency exchanges such as Coinbase Global Inc, as well as fintech startups such as Revolut. Customers will be able to buy bitcoin, ether, litecoin, and bitcoin cash through their PayPal wallets online or on the mobile app.

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