On Monday, PayPal Holdings Inc. said that it will enable customers in the UK (United Kingdom) to sell, purchase and hold bitcoin and other crypto starting this week. The move which represents the first international expansion of PayPal’s cryptos services outside of the US could further stimulate mainstream adoption of the new asset class.
With over 403 million active accounts globally, San Jose – a California-based firm is one of the largest established financial firms to provide consumers access to cryptos. PayPal introduced crypto selling and buying in the US early this year, later allowing customers to use their virtual coin holdings to shop at several merchants on its network. The firm anticipated its foray into the new asset class would motivate the global use of digital coins and make its network ready for new virtual currencies that may be created by central banks and corporations.
In a statement, the general manager and vice president for crypto, blockchain and digital currencies at PayPal, Jose Fernandez da Ponte said that they committed to continue working closely with regulators in the UK and worldwide, to provide support and contribute meaningfully to molding the role virtual currencies will play in the future of global commerce and finance.
PayPal’s service in the UK will rival that of the mainstream crypto exchanges such as Coinbase Global Inc, as well as fintech startups such as Revolut.
Through their PayPal wallets on their mobile app or online, customers will be able to purchase ether, bitcoin, litecoin and bitcoin cash. The stand comes as more mainstream financial firms have started giving their clients both institutions and consumers, access to digital assets during surging crypto prices.