PayPal confirms its interest in cryptocurrencies
The announcement was made today in an official press release. From this week, UK residents will be able to buy, hold and sell cryptocurrency directly through PayPal.
This initiative marks an important milestone for the American juggernaut, having started offering digital asset services only a year ago.
Today, we are announcing the launch of a new service that will enable eligible customers in the UK to buy, hold and sell #Cryptocurrency directly from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr
– PayPal UK (@PayPalUK) August 23, 2021
UK customers will be able to purchase cryptocurrencies as low as £ 1 ($ 1.3) using their bank account, PayPal balance, or debit card. A dedicated tab will be added to PayPal’s website and mobile app.
The UK is the second nation to have access to these services after the digital payments giant rolled it out in the US in October 2020. It offers the same four assets as US customers – namely Bitcoin ( BTC), Ether (ETH), Litecoin (LTC) or Bitcoin Cash (BCH).
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Over 2 million potential new investors
In its press release, PayPal explains that the move towards digital, and in particular the adoption of digital payment systems, has been greatly accelerated by the global pandemic. For Jose Fernandez da Ponte, blockchain general manager at PayPal, the American giant has a duty to support this transition:
“Our global reach, our expertise in digital payments, and our knowledge of consumers and businesses, give us the unique opportunity, and responsibility, to help people in the UK explore cryptocurrency. “
Additionally, PayPal is aware of the growing need to mentor the cryptocurrency industry. Da Ponte is committed to working with regulators in the UK and around the world. He wants to “make a significant contribution to shaping the role that digital currencies will play in the future of global finance and trade.”
This new initiative is undeniably a huge vector for the democratization of Bitcoin and cryptocurrencies in general. According to the latest figures, the United Kingdom is the European country where PayPal is most established with more than 2 million monthly active users.
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About the Author: Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of cryptocurrencies with as many people as possible. I am also interested in technical analysis and trading.
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