Payment processing giant Paypal says it will launch its cryptocurrency services in the UK this week. The cryptocurrency service, launched in the US in October 2020, will allow UK citizens to buy cryptocurrencies and store them in their Paypal accounts. This will be PayPal’s first attempt to offer cryptocurrency services outside the United States.
Paypal is expanding its Crypto Company in the UK.
Paypal, a multi-million dollar payment processor, announced the expansion of its cryptocurrency-based services in the UK starting this week. Paypal will allow UK citizens to buy four cryptocurrencies from its platforms: bitcoin, bitcoin cash, ethereum and lightcoin, according to reports that the offer will be similar to the one in the US.
Paypal expects demand for this service to be high, similar to how the US crypto initiative has reacted so far. Jose Fernandez Da Ponte, PayPal’s Managing Director of blockchain, cryptocurrency and digital currencies, said::
Things are going very well in the US, we expect things to go well in the UK.
The Paypal service will continue to use Paxos as one of its key partners to provide this feature. Paxos is a regulated cryptocurrency company based in New York City. According to CNBC, the company has already contacted UK regulators about the service to make sure current legislation is implemented.
Demand Büyüyor Grows
In fact, PayPal CEO dan Shulman said demand for cryptocurrency products had exceeded the company’s initial expectations “many times.” This is because the company is increasingly focusing on facilitating customers ‘ access to crypto. Yes Ponte explained:
Tokens and coins have been around for some time, but to access them it had to be a relatively advanced user. It’s a good way to get in on a platform like ours.
But Paypal not only limited me
