PayPal’s cryptocurrency department expands its horizons. The online payments giant has introduced its digital currency service in the UK. Before the expansion, the system was available for US citizens only. PayPal is running the crypto service in close cooperation with the regulatory authorities in both countries.
Nowadays, PayPal users from the UK can buy, hold and sell Bitcoin, Bitcoin Cash, Etherium, and Litecoin. The company charges a £1 commission per transaction. Besides, the official app allows monitoring the cryptocurrency quotes. Like the US version of the service, PayPal cooperates with Paxos, which is a New York-regulated cryptocurrency company.
“It has been doing really well in the US. We expect it’s going to do well in the UK,” Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto, and digital currencies, stated.
PayPal is one of the few major financial companies actively engaging in the digital money market. However, regulators around the world oppose cryptocurrencies pointing to price volatility, consumer rights violations, and potential money laundering.
“We definitely have ambitions to continue to expand the product range in the US, the UK, and other markets. We are very deliberate about starting with initial functionality, and then we’ll see where the market is going to take us. Different markets have different appetites for products.” da Ponte said.