PayPal has launched a new cryptocurrency service in the United Kingdom, as the price of bitcoin continues to rise.
PAYPAL has announced the launch of a new cryptocurrency business in the United Kingdom, allowing consumers to purchase, hold, and sell cryptocurrencies. This latest option, which might be available as soon as next week, comes as the price of bitcoin has soared this week.
The cryptocurrency market saw bitcoin surge beyond $50,000 earlier today, reaching a three-month high.
Customers will be able to choose among four popular cryptocurrencies through PayPal’s new service: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Customers may now monitor real-time crypto pricing and learn about crypto dangers before making any transactions using the PayPal app or their online accounts.
PayPal’s new partnership marks the company’s first foray into international crypto services outside of the United States.
PayPal’s Vice President and General Manager for Blockchain, Crypto and Digital Currencies, Jose Fernandez da Ponte, explained the company’s goal in bringing cryptocurrencies into the mainstream.
“The epidemic has expedited digital change and innovation across many sectors of our lives,” he said, citing the digitisation of money and increased consumer acceptance of digital financial services as examples.
“With our global reach, digital payments expertise, and consumer and business understanding, combined with stringent security and compliance standards, we have the unique potential, and obligation, to assist consumers in the United Kingdom in exploring cryptocurrencies.
“We are committed to continuing to work closely with authorities in the UK and throughout the world to give our support—and to help shape the role that digital currencies will play in the future of global banking and commerce.”
Britons are being advised about what not to do when applying for a mortgage.
PayPal’s recent attempt in the UK market is being closely watched by industry experts, including Laith Khalaf, head of investment analysis at AJ Bell.
Mr Khalaf feels that the company’s decision to launch a crypto service in the United Kingdom is a vote of confidence in the country as a “crypto center.”
“It’s also important that this crypto expansion is PayPal’s first outside of the United States, implying that the internet giant believes the UK is a hotbed of crypto activity worth tapping into,” he added.
“Thanks to the increased popularity of crypto trading and the potential for high levels of consumer harm from unpredictable pricing, the Financial Conduct Authority (FCA), the country’s regulator, is taking a strong interest in it.
“PayPal has thrown its hat in the ring with regulatory concerns,” according to Brinkwire Summary News.