PayPal users with verified identities will soon be able to trade cryptocurrencies. A Cryptocurrency trading feature for UK customers. Crypto transactions for its business account, on the other hand, are not currently supported.
Residents of the United Kingdom will be able to buy, hold, and sell cryptos via PayPal starting this week. This is a significant achievement for a company that only a year ago began offering digital asset services.
PayPal is Providing a Cryptocurrency Trading Feature for the U.K Customers
PayPal is a multinational financial technology business based in the United States that operates an online payment system. It’s a global payment provider with services available in nearly every country that accepts online money transactions.
PayPal is an electronic payment option that replaces traditional payment methods like checks and money orders. PayPal is providing a cryptocurrency trading feature for U.K customers.
The popular payment company said on Sunday that it would allow U.K. users to use cryptocurrency. Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC) are the four cryptos (BTC). Of course, you may always use a mobile app or a website to get to them.
PayPal’s statement on Sunday marked the company’s first foray into crypto services outside of the United States, and it was first launched in November of last year.
PayPal Wants to Increase Cryptocurrency Exposure in the United Kingdom
During COVID-19, Jose Fernandez da Ponte mentioned money digitization as one of the primary reasons for adopting crypto. Jose Fernandez works for PayPal’s cryptocurrency branch as a senior executive. He also stated;
“Our expertise on global digital payments provides us with the opportunity and responsibility of helping U.K. residents to explore cryptocurrency. This adds to our businesses and consumers knowledge combined with various security and compliance controls.”
The online payment giant contributes to growing the country’s cryptocurrency exposure by making its crypto services available to UK residents.
According to statistics, the payment giant has the largest penetration among European countries in the United Kingdom, with over 2 million monthly active users.
Since Dan Schulman’s speech a month ago, rumors about PayPal’s crypto growth proposal have been circulating. The CEO of Dan Schulman had already briefed investors about the upcoming PayPal services for UK residents.
According to reports, PayPal’s interest in Defi is a foreshadowing of future integration plans. The cryptocurrency trading feature for UK customers. The Financial Conduct Authority (FCA) is cracking down on some cryptocurrency exchanges in the United Kingdom. These are the exchanges that have failed to comply with their registration requirements.
The FCA, for example, shut down Binance U.K.’s operations this summer after warning them against providing regulated trading activity in the country.
PayPal’s da Pote Jose gave assurance that his company will keep working with U.K. regulators and others to roll out its cryptocurrency services.