PayPal Holdings Inc. announced on Monday that clients in the United Kingdom would be able to purchase, trade, and store bitcoin and other cryptocurrencies starting this week.
The launch, which is the first time PayPal's cryptocurrency services have been offered outside of the United States, might encourage further popular use of the new asset class.
The San Jose, California-based firm is one of the largest mainstream financial organizations to provide customers access to cryptocurrencies, with over 403 million active accounts worldwide.
Early this year, PayPal introduced cryptocurrency buying and selling in the United States, subsequently allowing consumers to utilize their digital coin holdings to purchase at PayPal's network of millions of merchants.
The business anticipated that by entering the new asset class, it would stimulate worldwide use of virtual coins and prepare its network for future digital currencies that companies and central banks may produce.
"We are committed to continuing to engage closely with regulators in the UK and throughout the globe to give our support— and to constructively contribute to shaping the role," says the company.
"We are committed to continuing to work closely with regulators in the UK and around the world to offer our support — and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce," said Jose Fernandez da Ponte, PayPal's vice president and general manager for blockchain, crypto, and digital currencies.
PayPal's service in the UK will compete with established cryptocurrency exchanges like Coinbase Global Inc and fintech startups like Revolut.
Customers will be able to buy Bitcoin, Ether, Litecoin, and Bitcoin cash using their PayPal wallets, which will be available both online and on the mobile app.
In the face of growing cryptocurrency prices, more traditional financial organizations have begun to provide their clients, both individuals and institutions, access to digital assets.
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