The American online payment giant PayPal announced on Monday August 23 that it will allow its users in the United Kingdom for the first time to buy, hold and sell cryptocurrencies through the payment platform. Its customers will be able to choose from four types of cryptocurrency: bitcoin, ether, litecoin and bitcoin Cash.
A new tab will be added to the PayPal platform, showing real-time currency prices and including information about cryptocurrencies, including potential risks, PayPal said.
This new service will start rolling out this week and will be available through both the PayPal app and the website. The online payment giant said it hopes this will help improve understanding of how cryptocurrencies work.
The popularity of cryptocurrencies has skyrocketed in recent years, despite their volatility and concerns about their environmental impact.
A similar service exists in the United States
“The pandemic has accelerated digital change and innovation in all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services”said Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal. He believes that PayPal has “The unique opportunity and responsibility to help people in the UK explore cryptocurrency”.
“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of finance and the world. world trade ‘, he added.
In the US, PayPal has launched a similar service, which also allows users to make purchases at participating businesses using cryptocurrency – a feature that has yet to be confirmed for release in the UK.