PayPal launches buying and selling cryptography in the UK

LONDON, Aug. 23 (Reuters) – PayPal Holdings Inc. (PYPL.O) will allow UK customers to buy, sell and hold Bitcoin and other cryptocurrencies starting this week, the company said Monday.

The launch, which marks the first international expansion of PayPal’s cryptocurrency services outside the United States, could inspire a new widespread adoption of the new asset class.

With more than 403 million active accounts worldwide, the San Jose, California-based company is one of the leading financial companies offering consumers access to cryptocurrencies.

PayPal launched the buying and selling of cryptocurrencies in the United States earlier this year, which later allowed customers to use their digital currency funds to buy from millions of merchants on their network.

The company hoped that its foray into the new asset class would encourage the global use of virtual currencies and prepare its network for new digital currencies that could be developed by companies and central banks.

“We are committed to continuing to work closely with regulators in the UK and around the world to offer our support and make a significant contribution to shaping the role.

digital currencies will play into the future of global finance and trade, ”Jose Fernandez da Ponte, vice president and CEO of blockchain, cryptography and digital currencies at PayPal, said in a statement.

In the UK, PayPal’s service will rival that of established cryptocurrency exchanges such as Coinbase Global Inc (COIN.O), as well as fintech startups such as Revolut.

Customers will be able to buy cash for bitcoins, ether, litecoin and bitcoins through their PayPal wallets online or from the mobile app.

The move comes as more established financial companies have begun to offer their customers, both consumers and institutions, access to digital assets, amid rising cryptocurrency prices. Read more

Report by Anna Irrera; edited by Jason Neely

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