Paypal has announced its plan to launch cryptocurrency services in the U.K within the week. Recall that the payments processor giant already launched crypto services in the U.S since October 2020, but now, they are set to allow U.K residents to also buy cryptocurrencies and hold them in their various PayPal accounts. This will be the first time that PayPal will be testing the waters by offering cryptocurrency services outside the U.S.
PayPal explores Crypto Business in the U.K.
PayPal, one of the foremost payment processors in the world, has announced that it will be expanding its cryptocurrency services to the U.K, beginning this week. Reports available indicate that the offer will be similar to that, already available in the U.S. The expansion will see PayPal allow U.K citizens to buy four cryptocurrencies on its platform. The cryptocurrencies include; bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and litecoin (LTC).
According to PayPal’s general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, they have full expectations that the demand for the service will be high, and just as the same as the response so far from its U.S crypto initiative.
It has been doing really well in the U.S, we expect it’s going to do well in the U.K, he said.
PayPal’s service is also going to keep using Paxos as one of their key partners in order to offer this functionality. Paxos is a cryptocurrency company based in New York, and according to reports gathered by CNBC, Paxos is already in contact with regulators in the U.K. regarding this service, so to ensure full compliance with current U.K laws.
Crypto Demand on the rise
PayPal’s cryptocurrency service is present enjoying big success in the U.S. As a matter of fact, the CEO of PayPal, Dan Schulman clearly stated that the demand for cryptocurrency products has been in “multiple-fold” of what was initially thought out by the company.
Although the tokens and coins have been around for a while, it was always necessary to be a relatively sophisticated user in order to be able to access that functionality. Having that on a platform like ours makes a really good entry point, Da Ponte stated.
PayPal didn’t just limit itself to offering investment services for its customers however, the company also came up with a great strategy to provide cryptocurrency payment processing solutions. On March 30, the company announced it had launched a new product called “Checkout With Crypto,” which enables crypto payments at millions of online stores.