September 17th, PayPal announced that all UK customers can now purchase, hold, and sell cryptocurrency using their PayPal accounts.
Customers can trade four major cryptocurrencies: Bitcoin, Ether (ETH), Litecoin(LTC), and Bitcoin Cash (BCH). Crypto trading is only available to PayPal customers who have verified identities, as previously announced.
PayPal announced its plans to enter the British cryptocurrency market in August. It immediately began a partial rollout for crypto trading services. This is the first expansion of PayPal’s cryptocurrency services outside the United States.
A spokesperson for PayPal told Cointelegraph that the company had “PayPal slowly rolled out its new cryptocurrency service to its UK customers.” This is the end of that process,” he added.
Before we roll out new features and functionality, we are eager to observe and learn from our customers how they use our buy-hold-sell crypto service.
Related: A UK watchdog believes that crypto regulation could give it legitimacy.
PayPal’s entry into the local cryptocurrency market occurs as U.K. banks cut payment channels to exchanges. HSBC, a banking giant, announced in August that it would suspend credit card payments to Binance due to “concerns over possible risks” for its customers. Transactions to Binance had been blocked by NatWest and Barclays banks in the past.
According to Gregory Klumov (CEO of Stasis tokenization company), PayPal’s British cryptocurrency launch is “a breath of fresh air.” He said that the milestone, which was achieved by the country being among the top 10 global economies, will drive continued adoption of digital assets across Europe and the rest of the world.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.