The American online payments giant said on Monday that it will allow British customers to buy, hold and sell digital currencies starting this week.
This marks the first international expansion of PayPal’s crypto product, which was first launched in the United States in October last year.
“It has worked very well in the United States,” José Fernández da Ponte, general manager of PayPal’s blockchain, encryption and digital currency. “We hope it works well in the UK.”
PayPal’s encryption feature allows customers to buy or sell Bitcoin, Bitcoin Cash, Ethereum, or Litecoin for as little as £1. Users can also track crypto prices in real time and find educational content on the market.
Like the US version of the product, PayPal relies on Paxos, a New York regulated digital currency company, for cryptocurrency trading in the UK. PayPal stated that it has cooperated with relevant UK regulators to launch the service.
(Image Credits: Sagar Savla, Wikipedia)