PayPal’s Rollout of Crypto Offering in the UK is now Complete
It wasn’t that long ago when PayPal announced its crypto offering for its customers in the United States. Undeniably, it was a big moment for the crypto market to have one of the largest payment platforms offer its support and the entire space got a major boost because of it. Of course, the company is not content in offering their crypto services just to their clients in the US and have decided to expand. It recently completed its first international expansion outside of the US. PayPal Crypto can now be available to clients of the platform in the UK as well.
This means that UK clients of PayPal will now be able to hold, buy and sell a total of four cryptocurrencies for now. The announcement was made by the payment giant back on Friday about completing their rollout, which had been initiated in late August. That’s when the company had announced the launch of its services in the United Kingdom. They said in a tweet that all eligible customers in the country will now be able to use the platform to buy, sell and hold cryptocurrencies, which include Bitcoin, Ethereum, Litecoin and Bitcoin Cash via their PayPal account.
According to the company’s website, the crypto services in the UK are provided by a credit institution named PayPal (Europe) S.à r.l. et Cie, S.C.A. This is under the supervision of the financial regulator of Luxembour, the Commission de Surveillance du Secteur Financier. However, it is important to note that no regulators have regulated the crypto service, which include the Financial Conduct Authority (FCA) in the UK itself. PayPal further disclosed that while people would be able to buy, sell and hold crypto via their crypto service, they wouldn’t be able to use it for sending crypto anywhere.
Moreover, sales and purchases of cryptocurrencies will be considered irreversible and no changes can be made. Nonetheless, the company had announced in May that it was planning to allow crypto transfers to be made to third-party wallets. It was also noted by the payments giant that the UK expansion is their first international expansion of their crypto offerings outside the US. The announcement of its initial service had been made last year in October when it had said that its customers would be able to buy, hold and sell crypto.
PayPal claims that the platform is accessible in around 200 markets and is currently serving more than 400 million merchants and consumers. The crypto offering of the company is via a partnership with a financial institution based in New York named the Paxos Trust Company. This is also a technology company that specializes in blockchain. A ‘Checkout with Crypto’ announcement was made by the payments company in March and it had then introduced its crypto service on Venmo, its mobile payment service, in April. The company had disclosed its plans of expanding its crypto services in May, when it had hired more than 100 crypto positions. Its venture capital arm has also made investments in crypto startups and blockchain.
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Text source: Coinfrog
