Customers in the United Kingdom of PayPal Holdings Inc will be able to purchase, sale and hold bitcoin and other cryptocurrencies from this week, the company announced on Monday.
According to analysts, this move by the company, the first time that the company is offering its cryptocurrencies services outside of its home market of the United States, could further increase adoption of thee cryptocurrnecy assets by mainstream financial companies.
The San Jose, California based PayPal is amongst the largest of the mainstream financial companies that offers its customers cryptocurrency related services. The company currently has more than 403 million active accounts globally.
Services related to mainstream financial companies were launched by the company earlier this year in the United States and later started to offer its customers the ability to use their digital coin holdings to shop at the millions of merchants on its network.
The use of the virtual coins would get encouraged globally by its foray into the new asset class, the company hopes while also preparing the vast network of the company for new digital currencies that may be developed by corporations and central banks.
"We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce," Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.
Established cryptocurrency exchanges such as Coinbase Global Inc, as well as fintech startups such as Revolut will be rivaled by PayPal’s cryptocurrency services in the United Kingdom.
Purchase and sale of bitcoin, ether, litecoin and bitcoin cash through their online PayPal wallets or on the mobile app would be done by the UK customers of the company.
This move by the payments company comes at a time when access to digital assets to their customers are being offered by an increasing number of established financial companies and the clients include both the individual customer and institutions.
(Source:.www.independent.co.uk)
According to analysts, this move by the company, the first time that the company is offering its cryptocurrencies services outside of its home market of the United States, could further increase adoption of thee cryptocurrnecy assets by mainstream financial companies.
The San Jose, California based PayPal is amongst the largest of the mainstream financial companies that offers its customers cryptocurrency related services. The company currently has more than 403 million active accounts globally.
Services related to mainstream financial companies were launched by the company earlier this year in the United States and later started to offer its customers the ability to use their digital coin holdings to shop at the millions of merchants on its network.
The use of the virtual coins would get encouraged globally by its foray into the new asset class, the company hopes while also preparing the vast network of the company for new digital currencies that may be developed by corporations and central banks.
"We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce," Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.
Established cryptocurrency exchanges such as Coinbase Global Inc, as well as fintech startups such as Revolut will be rivaled by PayPal’s cryptocurrency services in the United Kingdom.
Purchase and sale of bitcoin, ether, litecoin and bitcoin cash through their online PayPal wallets or on the mobile app would be done by the UK customers of the company.
This move by the payments company comes at a time when access to digital assets to their customers are being offered by an increasing number of established financial companies and the clients include both the individual customer and institutions.
(Source:.www.independent.co.uk)
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