As the adoption and use of Bitcoin and other cryptocurrencies increases around the world, fintech giants are starting to include the same in their basket of offerings. The latest update on this front is from Paypal after her. Announced that it will expand its cryptocurrency services in the UK.
This means that UK customers will be able to buy, hold and sell cryptocurrencies through their Paypal accounts starting this week. Before this move, Paypal had started offering these services in the United States in November of last year.
The cryptographic functions offered by Paypal give customers access to digital currencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin cash.
José Fernández da Ponte, PayPal General Manager for Blockchain, Crypto and Digital Currencies, told CNBC that they expect this expansion to work as well as it did in the US. He added:
“Our global reach, our expertise in digital payments and our consumer and business knowledge, combined with rigorous security and compliance controls, give us the unique opportunity and responsibility to help people in the UK explore cryptocurrencies.” .
Paypal’s foray into the country’s cryptocurrency market could greatly boost usage and ownership, which is really low when compared to other nations. In fact, it is only 8% of the total population. Da Ponte further told CNBC that since investing in crypto requires a sophisticated level of understanding, “having that on a platform like ours is a really good entry point.”
According to the executive, this measure complies with the Financial Conduct Authority (FCA) of the United Kingdom. This is a key statement, especially since the agency has freely exercised its regulatory powers of late. In fact, the FCA banning Binance from operating in the country was a good example.
This is a machine translation of our English version.
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