PayPal customers in the United Kingdom will soon be allowed to purchase, hold, and sell crypto-assets. The payments giant confirmed this new service which will be accessible through its platform.
We feel quite pleased to learn about this new offering of PayPal, which its United Kingdom-based clients will enjoy. We believe that the American online payments system operator is taking big steps in aiding cryptocurrency usage to get normalized.
According to the August 23, 2021 report posted online by news and headlines source Yahoo! News UK, PayPal’s new cryptocurrency service will enable its clients to select from four kinds of virtual currencies.
They are the world-famous Bitcoin and Ethereum. Plus, PayPal customers in the United Kingdom can access Litecoin and Bitcoin Cash.
These four types of crypto-assets are going to be available through PayPal’s website and application. The online payments and remittance service provider confirmed that the new cryptocurrency service would begin rolling out this week and be accessible to all eligible clients within the next few weeks.
PayPal has previously introduced a similar offering in the United States, permitting users to purchase products at participating enterprises using crypto-assets. This feature has not yet been confirmed for release on British soil.
As for its new service, PayPal remarked that its platform would have a new cryptocurrency tab. This part will demonstrate real-time virtual currency prices.
Moreover, the PayPal platform’s new cryptocurrency tab will offer educational content. This segment aims to assist in answering the common queries of PayPal customers in the United Kingdom.
PayPal also affirmed that the new cryptocurrency tab would help these virtual currency investors learn more about crypto-assets, including the potential risks. The company said that it hoped that its new offering of embracing virtual currencies would aid in helping improve the knowledge and comprehension of these digital assets.
Jose Fernandez da Ponte serves as vice president and general manager for blockchain technology, cryptocurrency, and digital currencies at PayPal. He cited that their group is committed to working closely with regulators in the United Kingdom and worldwide.
Fernandez da Ponte remarked that they are performing this step to provide their support and meaningfully contribute to shaping digital currencies’ role in the international business and finance’s future.
We believe PayPal took the right step in enabling the PayPal customers in the United Kingdom to trade cryptocurrencies via its platform. We also think this newly launched service will be a success for both the firm and its clients.
PayPal has an important international reach and stringent security and compliance controls. Plus, it features digital payments expertise and strong knowledge of business and its consumers.
Therefore, we believe that it can gain more customers in the coming months in the United Kingdom and worldwide due to its support for cryptocurrency trading. Additionally, we think PayPal customers in the United Kingdom can explore and benefit from crypto-asset usage, in the long run, thanks to the firm’s offering of unique opportunities.