PayPal has said that all eligible customers can now buy, hold, and sell cryptocurrencies using their PayPal accounts in the United Kingdom.
It has been reported that customers can trade four major cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). As announced previously, crypto trading will only be available to PayPal customers with verified identities.
However, PayPal announced plans to move into the British cryptocurrency market in late August, immediately proceeding with a partial rollout of crypto trading services. The move marks the first expansion of PayPal’s cryptocurrency services beyond the United States.
A spokesperson for PayPal said:
"PayPal gradually rolled out its new crypto service to its UK customers. That process is complete. We are keen to learn and observe how our customers use our buy, hold and sell crypto offering before we start to roll out more features and functionality."
The report said that PayPal’s entrance into the local crypto market comes as some UK banks are cutting payment channels to exchanges.
In August, banking giant HSBC said that it was suspending credit card payments to Binance, citing “concerns about possible risks” to its customers. Other banks like Barclays and NatWest bank had previously blocked transactions to Binance.
Gregory Klumov, the CEO of tokenization firm Stasis, said that PayPal’s British crypto launch is a “breath of fresh air.”
Thus, he added:
“Since the country is in the world's top 10 economies, such a milestone will clearly drive the continued adoption of digital assets in Europe and beyond.”