Paypal has recently announced that it would soon start its new crypto services to UK Customers. The company announced that the launch of its trading platform is completed, meaning customers would now be able to buy, hold and sell cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum and Litecoin using their PayPal accounts. Furthermore, the company provides research and educational tools so that its users can increase their understanding of the crypto market.
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Well, the UK has already become the largest Cryptocurrency economy with $1 trillion in cryptocurrencies transactions between July 2020 to June 2021. This number clearly shows how crazy people are for cryptocurrencies in the UK. For people there, cryptocurrencies have become a primary investment choice. This is why payment giants like PayPal are launching their cryptocurrencies in the UK and not in other countries. Furthermore, crypto trading in the UK is a fully legal venture and almost every crypto exchange there is registered with the FCA, the main financial regulator of the UK.
However for now only verified accounts will be granted the opportunity to trade cryptocurrencies. In August, the company said it is planning to expand its crypto services outside of the USA. It also added that it was working to offer services to clients in the UK. Despite how controversial cryptocurrencies remain the number of people adopting them is increasing each passing day.
At Paypal, the vice president of crypto and digital currencies said that the aim of the new service is to increase the craze of cryptocurrencies among people and help them to have a better understanding of how the crypto market works. He further added that pandemic accelerated the development of digital currencies and proved how vital CV such innovations are across the globe.
This new service was launched by this payment giant, PayPal last year in November 2020. At that time the service was allowed to US traders only. That is they were allowed to buy, sell and hold cryptocurrencies of their choice. After the United States, the UK is the first country where PayPal has decided to offer Cryptocurrency services and it seems that it will offer this service to other countries as well. However, the representatives of the company did not announce any plans to further expand crypto services in other countries.