The payments giant PayPal’s cryptocurrency service was offered to UK customers this week, allowing them to buy, sell and hold four different types of cryptocurrency.
The service means that customers can choose between Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Reports show that they can also purchase a minimum of £ 1 in cryptocurrency through the PayPay app or website.
The move marks the first international expansion of PayPal’s cryptocurrency product, which is expected to expand its global presence in the coming months.
Breakthrough in cryptocurrency regulation
The PayPay crypto service platform offers full transparency on their investments, providing real-time currency prices and offering content that advises users on what cryptocurrency is and how it can be used. It also describes the risks associated with trading cryptocurrency.
Speaking to the press, Jose Fernandez da Ponte, general manager of PayPal for blockchain, crypto and digital currencies, said that, like the US version of the service, PayPal uses Paxos – a regulated fintech in New York City, which makes it easy to buy and sell. sale of crypto through PayPal. Platform.
He added that he was optimistic about the use of the services in Britain. “It works very well in the United States. We expect him to do well in the UK too.
PayPal and cryptocurrency
The move by PayPal, which is the world’s largest digital payment platform, signals a shift in the international approach to the use of cryptocurrency. Although the UK’s Financial Conduct Authority has yet to comment on the new service, all indicators suggest the product will prove popular and be a further step towards major regulation of DeFi (democratized finance) services.
However, other tech giants are catching the bandwagon. Despite lingering concerns about stability, security, and the possibility of money laundering, Tesla, Facebook, and Mastercard have all recently explored the potential of cryptocurrency.
Currently, Bitcoin is the world’s leading digital currency. Data shows it peaked at $ 65,000 in April, but then fell to $ 30,000 four months later when Chinese regulators stepped in and shut down the market. Since then, Bitcoin has risen again to $ 50,000.
Until PayPal launched its service, fintech Revolut was the only mainstream platform to run such a service. However, although trading can take place in the new app, the cryptocurrency cannot yet be moved off the platform.
On a more advanced stage in the journey, Revolut recently began testing a service that allows users to withdraw cryptocurrency from their personal e-wallets.
da Ponte said that PayPal’s cryptocurrency services make it easier for its customers to explore the market. “Tokens and coins have been around for a while, but you have to be a relatively sophisticated user to be able to access them. We’re very determined to start with the initial functionality and then we’ll see where the market takes us. Different markets have different appetites for products.
He added: “Having this on a platform like ours is a really good entry point.”
The news comes just after Bitcoin ETN Futures announced that it will be listed on Eurex in mid-September.