PayPal has announced the debut of its cryptocurrency business in the United Kingdom.
It follows the release of the same service in the United States, which was preceded by the addition of a Checkout with Crypto option, which allows PayPal customers to utilize their cryptocurrency to make purchases with online stores.
The San Jose, California-based corporation is one of the biggest conventional financial institutions to provide customers exposure to cryptocurrencies, with over 403 million active accounts worldwide.
PayPal’s general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, told CNBC, “It has been doing really well in the U.S. We expect it’s going to do well in the U.K.”
Effective this week, the online payments behemoth said that British users would be able to purchase, hold, and trade digital currencies.
It’s the first worldwide extension of PayPal’s cryptocurrency service, which debuted in the United States in October of last year.
The service will be restricted to four cryptocurrencies at first, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and will be accessible on both its app and website.
The business believed that entering the new commodity option would stimulate global use of digital money and ready its network for future virtual currencies that companies and financial institutions may produce.
Because of its lack of supervision and frequent value swings, cryptocurrency remains divisive. Some critics have expressed worries about the privacy provided to users as part of transactions, claiming that the currencies are used by cybercriminals to conceal their operations.
“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,” da Ponte further added in a statement.
PayPal may help increase exposure to virtual currencies in the United Kingdom by making its cryptocurrency services available to the UK populace. According to reports, the United Kingdom has the greatest PayPal adoption of all European nations, with over 2 million active monthly users.
PayPal thinks that by settling the transaction in fiat cash, businesses will not have to take the risk themselves, it will alleviate worries about the fluctuation of cryptocurrencies.
The corporation stated that individuals who pay with cryptocurrencies would not be charged a transaction fee and that each purchase will only be able to use one type of cryptocurrency.
PayPal said the new feature will go online this week and that all verified users should be able to use it over the following few weeks through a new cryptocurrency section.