Global payments giant PayPal is launching cryptocurrency offerings to UK customers for the first time.
UK PayPal users, including those in the US, are now able to buy, sell and hold Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) through the company’s website and mobile app.
The move is PayPal’s first international cryptocurrency offering outside the US. American customers first gained the ability to purchase cryptocurrencies last October, followed by checkout options in March and access to mobile payment service Venmo in April.
Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal, explains the firm’s broader strategy and intentions.
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency.
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.”
According to the announcement, PayPal wants to “create greater understanding and enable access [while] advancing the next generation of financial services infrastructure” in the crypto space.
“As part of this offering, PayPal provides account holders with educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency. The company encourages its customers to do their research on the risks and opportunities for various cryptocurrencies before taking the step to buy, hold and sell.”
PayPal previously telegraphed the plan earlier this year.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Sergey Nivens