Leading US-based financial services company, PayPal, has disclosed plans to extend its crypto services to the UK to allow its customers in the region to buy, sell and hold cryptocurrencies.
A Monday report from CNBC confirmed that the payments giant will begin offering crypto services in the UK in a few days, becoming its first international expansion since it launched its crypto product late last year.
Since the launch, the company has been putting efficient measures in place while deploying new developments to better serve its customers in this regard.
Earlier this year, PayPal upgraded its crypto features to allow its US customers to pay for goods and services with bitcoin and other cryptocurrencies. However, these benefits have so far been limited to users within the United States.
The new development will expose PayPal users in the UK to the same exclusive crypto services on the platform. Users will be able to buy or sell as low as £1 worth of bitcoin, bitcoin cash, ether, or litecoin.
The company’s general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte expressed his optimism, saying:
“It has been doing really well in the U.S… We expect it’s going to do well in the U.K.”
The company also announced that it has integrated with Paxos, a New York-regulated blockchain company, to facilitate its crypto offerings in the UK.
PayPal to Foster Global Adoption of Crypto
Extending its crypto services to Great Britain is the beginning of PayPay’s crypto expansion to the global market. The company confirmed its intention to expand its crypto offerings to many other countries.
“We definitely have ambitions to continue to expand the product range in the U.S., the U.K., and other markets,” Jose Fernandez da Ponte said, adding “ we’re very deliberate about starting with initial functionality, and then we’ll see where the market is going to take us. Different markets have different appetites for products.”
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