PYPL – PayPal launches crypto service in the UK

PayPal Holdings Inc  (NASDAQ: PYPL) has launched a new service that allows its UK customers to buy, hold and sell cryptocurrency.

The service starts rolling out this week and marks the first international expansion of PayPal’s cryptocurrency offering outside of the US, the payment provider said in a statement.

“With a trusted brand like PayPal now making an entry, access, knowledge, and the exploration of cryptocurrency has the potential to become mainstream in the UK,” it added.

PayPal is reported to have over 2mln active users in the UK, the group’s highest penetration in Europe.

“The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, vice president and general manager, Blockchain, Crypto and Digital Currencies at PayPal.

“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.

“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.”