PayPall allows crypto deals for UK clients

Photo: AP

The payments platform PayPal announced it would allow its clients based in UK to buy and sell cryptocurrencies. Until now PayPal only allowed its US customers to trade in crypto asstets. The company sees its UK expansion in digital money trading as a milestone in its cryptocurrency services, Reuters reported.

With over 403 million active accounts globally, PayPal is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies. PayPal launched cryptocurrency buying and selling in the United States this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network. The company hoped its involvement into the new asset class would boost global usage of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.

"We are committed to continue working closely with regulators in the UK, and around the world, to offer our support - and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce," Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.

In the UK, PayPal's service will rival that of established cryptocurrency exchanges such as Coinbase, as well as well fintech startups such as Revolut. Customers will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app. The move comes as more established financial companies have started offering their clients, both consumers and institutions, access to digital assets, amid rising cryptocurrency prices.

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