As Bitcoin and other cryptocurrencies are starting to become more widely accepted and used worldwide, the financial giants are beginning to embrace them in their product offerings. Paypal ‘s latest announcement on this subject is that it will expand its Bitcoin services in the United Kingdom.
The company made an official announcement on its UK Twitter page:
The service will reportedly become active this week, the giant online payment company announced.
Plenty of crypto enthusiasts in the UK wonder when Paypal will begin to accept other cryptos such as Dogecoin and other alts – which might be an upcoming implementation, provided the company sees it as profitable. Of course, anything that is trending can turn out to be very beneficial for the company, but most likely, their advisors have to check carefully whether accepting each altcoin is a wise and safe decision,
BTC, ETH, and LTC implementation in the U.K.
Customers in the UK will buy, hold and sell cryptocurrencies using their Paypal accounts starting this week. Paypal began selling similar services in the United States in November last year. Since then, the interest in crypto began to rise a lot, and many newcomers became involved with digital assets thanks to Paypal.
Customers can use Paypal’s cryptocurrency features to purchase digital currencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
PayPal CEO Blockchain, Crypto and Digital Currencies Jose Fernandez da Ponte told CNBC that Paypal expects the expansion to be as successful as it was in the United States. He also stated:
“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 UK to explore cryptocurrency.”
Paypal and its compliance with UK crypto regulations
Paypal’s entry into the United Kingdom’s crypto market could significantly increase usage of cryptocurrencies, which is now very low compared to other countries. In reality, it represents only 8% of the total population. Da Ponte also told CNBC that because investing in cryptocurrencies requires a high degree of sophistication, “Having that on a platform like ours makes a perfect entry point.”
According to the executive, this action respects the Financial Conduct Authority of the United Kingdom (FCA). This is a crucial statement, especially as the agency has finally exercised its regulatory powers to accept crypto. FCA banned Binance from the United Kingdom in the first place, so the fact that they are now allowing Paypal to accept crypto services from its UK customers seems to be an excellent first step in making the Kingdom more crypto-friendly.
Regarding this, Da Ponte also said that with a hugely increasing consumer interest and thus higher volumes, the regulators are trying to look further into this scene. Paypal has built strong regulatory relations to help with the situation.
Currently, the crypto services that Paypal offers are somewhat relatable to the one Revolut uses – meaning that you cannot move your digital assets outside of the app, which makes the market less decentralized. However, this is without any doubt better than having no crypto access at all.