Great news for PayPal users with verified identities in the UK, as the payment processing service will soon grant them access to crypto trading, according to an official statement.
Starting with this week, they will be able to buy, hold, as well as sell crypto through PayPal for the very first time, thus marking an important moment for the company that started offering digital asset services back in 2020.
Only a few assets, for starters
On Sunday, PayPal announced that, at least for the moment, its U.K. customers will have access to Bitcoin, Ether, Litecoin, and Bitcoin Cash, through both their website and mobile app. Even though it looks like a small step, it’s actually the first expansion of the company’s cryptocurrency services outside the U.S.
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency,” said senior executive for PayPal’s crypto division Jose Fernandez da Ponte.
What’s in for the Brits?
PayPal’s announcement could play a very important role in increasing the exposure to cryptocurrency in the United Kingdom. Considering that there are over 2 million monthly active users, this could have a huge impact on the popularity of digital assets.
Besides this, it will be very interesting to observe how this will be viewed by the U.K.’s Financial Conduct Authority (FCA), which is currently penalizing exchanges that fail to meet its registration requirements.
Binance was among the ‘victims’, as its operations on the island were shuttered this summer, following a warning regarding the permissions to offer regulated trading activity. As for PayPal, they are actively working with regulators across the world in rolling out their crypto services.