PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature
August 25 2021 - 12:23PM
NEWSBTC
PayPal users with accredited identities will start accessing
cryptocurrency trading soon. However, cryptocurrency transactions
for its business account are not supported yet. Starting from this
week, U.K residents will have initial access to buying, holding,
and selling cryptos via PayPal. This development will make a
remarkable milestone for a firm that started providing digital
asset services within one year. PayPal is an American multinational
financial technology company that operates an online payments
system. It’s a global payment provider with services accessed in
most countries that support online money transfers. PayPal serves
as an electronic alternative to traditional payment methods such as
checks and money orders. Related Reading | 37% Of U.S. Investors
Decline To Liquidate Cryptocurrency Assets in Bearish Situations On
Sunday, the popular payment provider declared its intent to allow
U.K customers access to cryptos. The cryptos are Ether (ETH),
Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC). Of course,
you can always access them via mobile app or website. The Sunday
announcement marked PayPal’s first expansion of crypto services
outside the U.S and was initially launched last year November.
PayPal Aims To Boost Cryptocurrency Exposure In U.K. Jose Fernandez
da Ponte cited money digitization during COVID-19 as one of the
main motivations for embracing crypto. Jose Fernandez is a
high-ranked executive for PayPal’s cryptocurrency division. He
added that; “Our expertise on global digital payments provides us
with the opportunity and responsibility of helping U.K. residents
to explore cryptocurrency. This adds to our businesses and
consumers knowledge combined with various security and compliance
controls.” By making its crypto services available to U.K.
residents, the online payment giant plays a role in increasing the
country’s cryptocurrency exposure. After a sudden pullback, the
market is back on bullish track | Source: Crypto Total Market Cap
on TradingView.com According to reports, the payment giant has the
highest penetration among other European countries in U.K.with over
2 million active users monthly. Rumors on PayPal’s crypto expansion
proposal have been in circulation since the past month after Dan
Schulman’s speech. Dan Schulman’s CEO had earlier informed
investors on the soon coming PayPal services to the U.K. residents.
Reports further show that PayPal’s eye development in Defi is a
precursor to integration plans in the future. The Financial Conduct
Authority (FCA) on regulation in the U.K. goes down on some crypto
exchanges. These are exchanges that have not met their registration
demands. Related Reading | Facebook Officials Claim Novi
Received Approval From Major U.S. States For example, FCA shuttered
the operations of Binance U.K. after warning them against providing
regulated trading activity in the country this summer. PayPal’s da
Pote Jose gave assurance that his company will keep working with
U.K. regulators and others to roll out its cryptocurrency services.
Featured image from Pixabay, chart from TradingView.com
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