PayPal Launches Crypto Trading Services for UK Residents

PayPal announced it will launch crypto services for UK customers. The service payment giant said that verified customers will soon get access to crypto trading.

PayPal to launch crypto services in the UK
PayPal Crypto Services | Image: Optimisus

According to the company, UK residents could buy, trade and sell cryptocurrencies through PayPal. Currently, the app doesn't support crypto trading services. But if this occurs, it will mark a major milestone for the company to start offering crypto services in less than a year.

In other words, it means that this is the first expansion of PayPal’s crypto services outside the United States as the company launched its service in November of last year.

Based on the statement, the global payments provider said that U.K. customers could access Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on PayPal’s website and mobile app.

Talking about "digitization of money," Jose Fernandez da Ponte, a senior executive for PayPal’s crypto division, said,

“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.”

In addition, through these digital asset services, PayPal could increase exposure to crypto in the country. What is more, among all European countries, PayPal penetration is major in the United Kingdom with over 2 million monthly active users.

Moreover, this PayPal’s crypto expansion comes a month after CEO Dan Schulman said that the U.K. is likely to get the service soon. Even more, the firm is also interested in decentralized finance (DeFi) in the future.

Of note, the last few months were a bit difficult for the crypto community as the U.K.’s Financial Conduct Authority (FCA) started cracking down on unregistered crypto exchanges.

Following this, PayPal said it is “committed to working closely with regulators in the U.K. and around the world” to provide crypto services.