PayPal launched crypto buying and selling in UK

PayPal Holdings Inc has launched crypto buying and selling in the United Kingdom.

Key points

• PayPal will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies now.
• This roll-out marks the first international expansion of cryptocurrencies services of PayPal outside of the United States.
• The move will further inspire mainstream adoption of new asset class.

PayPal cryptocurrency services

• PayPal is having over 403 million active accounts worldwide and is the largest mainstream financial companies that offer consumers access to cryptocurrencies.
• It launched cryptocurrency buying and selling in United States in the year 2021 and later enabled its customers to use their digital coin holdings in order to shop at millions of merchants on its network.
• PayPal hoped its involvement into the new asset class would encourage global use of virtual coins.

PayPal’s service in UK

PayPal’s service in the UK will be rival of established cryptocurrency exchanges like Coinbase Global Inc and fintech startups like Revolut. In UK, customers will be able to buy bitcoin, ether, litecoin and bitcoin cash by using the PayPal wallets online or on mobile app.

PayPal Holdings, Inc

It is an American multinational financial technology company.  It operates an online payments system across countries supporting online money transfers. It serves as an electronic alternative for traditional paper methods like checks and money orders. PayPal operates as the payment processor for online vendors, auction sites, as well as commercial users. It also charges a fee for providing the service. It was established as Confinity in 1998. In 2002, it went public by means of initial public offering.

Month: Current Affairs - August, 2021