PayPal officially announced on Friday that all eligible UK customers can now buy, store and sell cryptocurrency using PayPal accounts.
Clients can trade four major digital currencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). As previously announced, cryptocurrency trading will only be available to verified PayPal customers.
PayPal announced plans to enter the UK cryptocurrency market in late August and immediately began partial rollout of cryptocurrency trading services. The move marks the first expansion of PayPal’s cryptocurrency services outside of the US.
A PayPal spokesperson told Cointelegraph that PayPal is gradually launching a new crypto service for its UK customers. This process is complete, ”he adds:
“We are committed to researching and tracking how our customers use, buy and sell our cryptocurrency before we start rolling out additional features and capabilities.”
On the subject: Regulation of cryptocurrency can give it an “aura” of legitimacy, says UK Watchdog.
PayPal’s entry into the domestic cryptocurrency market comes after some UK banks have cut payment channels for exchanges. In August, banking giant HSBC said it was suspending credit card payments Binance, citing “potential risks” for customers. Other banks such as Barclays and NatWest have previously blocked transactions on Binance.
The launch of British cryptocurrency PayPal is a “breath of fresh air,” according to Gregory Klumov, CEO of the Stasis token company. “Given that the country is one of the ten largest economies in the world, it is clear that such an achievement will stimulate the continued use of digital assets in Europe and beyond,” he said.