PayPal Holdings will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday. The roll-out, which marks the first international expansion of PayPal’s cryptocurrency services outside the United States, could propel the new asset class to mainstream adoption.
With over 403 million active accounts globally, the San Jose, California-based company is one of the largest mainstream financial companies providing consumers access to cryptocurrencies. PayPal introduced cryptocurrency buying and selling in the United States earlier this year, later enabling customers to use their digital coin holdings to make purchases at millions of merchants on its network. The company hopes that its foray into the new asset class will spur the global use of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.
“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support – and make a meaningful contribution to – shaping the role of digital currencies in the future of global finance and commerce,” said Jose. Fernandez da Ponte, Vice President and General Manager of Blockchain, Crypto and Digital Currencies at PayPal, said in a statement.
In the UK, PayPal’s service will rival established cryptocurrency exchanges such as Coinbase Global as well as fintech startups such as Revolut. Customers will be able to purchase bitcoin, ether, litecoin and bitcoin cash through their PayPal wallet online or on the mobile app. The move comes as more established financial companies begin to offer their clients, both consumers and institutions, access to digital assets, amid rising cryptocurrency prices.
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