Residents of the United Kingdom can now buy and sell cryptocurrencies starting this week, a press release by the global payment platform said Monday, August 23, 2021
The announcement is the first international expansion of PayPal’s cryptocurrencies services following the launching of the same system in the United States early this year.
With over 403 million active accounts globally, the California-based payment platform enables customers to use their digital coin to make purchases at the millions of merchants on its network.
This means customers will be able to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their PayPal wallets online or on the mobile app.
Bitcoin price in the UK as of August 23 was £ 36,597.4; while Litecoin price was £138.55.
What does this mean to the digital world?
The expansion of PayPal digital holdings to the UK came the same day bitcoin price pushed above $50,000, meaning this could spur the interest of other mainstream to adopt the new asset class.
It also means its expansion will most likely encourage global use of virtual coins and prepare its network for new digital currencies.
The Vice President and General Manager for Blockchain, Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte, in a statement, said:
“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.”
With PayPal in-round into the United Kingdom, it means Coinbase Global will have to step up its game in the country.