In an exciting move PayPal will now begin offering crypto services to UK customers, this registers its first crypto offering outside the US.
PayPal Turns to UK
Users in the UK will now be able to buy, sell and hold crypto via PayPal starting this week.
After enjoying success in the US through its crypto offering PayPal will now allow UK users the opportunity to trade Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash. The announcement was confirmed via an official PayPal press release on the 23rd of August.
“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 UK to explore cryptocurrency.” stated Jose Fernandez da Ponte, the Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal.
The price of Bitcoin has hit $50,000 for the first time since May 2021 this past week. With over 400 Million active users, the UK arrival for the Paypal rollout is well-timed and signals an active movement into the innovative digital space.
Giving their users access to use digital assets is a huge step in mainstream recognition and another step for ease of access to the crypto layperson.
UK Regulatory Mood Softening?
In recent weeks, the UK had become a battleground for crypto as Binance endured restrictions imposed by the United Kingdom’s Financial Conduct Authority.
This latest move signals reason for optimism for members of the crypto community as PayPal, a well-established financial organization in the UK, deems it an important move to offer crypto services in the country.
“We are committed to continue working 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.” Jose Fernandez da Ponte continued.
PayPal’s reputation and ability to comply with financial regulators will buoy the general sentiment around crypto, and is likely to have a positive impact on general adoption in the UK.
Source : bsc.news
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