June 21, 2024

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PayPal Launches Cryptocurrency Service in the UK

PayPal Launches Cryptocurrency Service in the UK

US online payments giant PayPal said on Monday that It will allow British customers to buy, hold and sell digital currencies starting this week.

It’s about extension PayPal’s First International Expansion of Cryptocurrency Productwhich was first launched in the United States in October of last year.

“It has performed very well in the United States,” Jose Fernandez da Ponte, general manager of PayPal, blockchain, crypto and digital currency technology, told CNBC. “Hopefully he will do well in the UK.”

Paypal’s Cryptocurrency Feature Allows Customers Buy or sell bitcoin, bitcoin cash, ethereum or litecoin for less than one pound. Users can also follow cryptocurrency prices in real time and find educational content about the market.

Like the US version of the product, PayPal is based on Paxos, a digital currency company regulated in New York, to allow the buying and selling of “cryptocurrencies” in the United Kingdom.

PayPal says its foray into cryptocurrency seeks to make it easier for people to participate in the market. “Tokens and coins have been around for a while, but you had to be a relatively sophisticated user to access them,” says Da Ponte. “Having that on a platform like ours is really a good entry point.”, Add.

The payment processor is one of the many large financial companies that are making the leap into the cryptocurrency world. Despite persistent concerns about price volatility, consumer protection and potential money laundering in the sector, large companies such as MasterCard, Tesla y Facebook I got close to cryptocurrencies recently.