PayPal To Launch Crypto trading Features

PayPal On The MoveTo Facilitate UK Customers With Crypto Trading Features

Soon PayPal users with accredited identities will be enabled to be accessing cryptocurrency trading in the U.K. However, cryptocurrency transactions for its business account are not activated as yet.

 From this week, users of PayPal in U.K will have initial access to crypto trading Features. In other words, they will be able to buy, hold, and sell cryptos via PayPal.

PayPal is a multinational fin-tech company based in the U.S that provides an online payments system globally.

PayPal provides alternative electronic means of payment to traditional payment methods such as checks, money orders, wird transfer etc.

This propsal to allow U.K users access to crypto features  was declared On Sunday. The cryptos to Feature are Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC). These features will be accessible by mobile apps and websites.

This announcement made on Sunday marked PayPal’s first introduction of crypto services outside the U.S since its inception last year November.

PayPal Aims To Promote Cryptocurrency Adoption In U.K.

Jose Fernandez da Ponte, a high ranked executive for PayPal's cryptocurrency department has mentioned that money digitization during COVID-19 pandemic is one of the major motivations for crypto adoption. He Said:

“Our expertise on global digital payments provides us with the opportunity and responsibility of helping U.K. residents to explore cryptocurrency. This adds to our businesses and consumers knowledge combined with various security and compliance controls.”

By providing crypto Features to U.K. residents, the online payment giant plays a pivotal role in the enhencement of cryptocurrency exposure in the country. 

According to reports, PayPal has over 2million active users every month. With this figure, it had the highest penetration among other European countries in U.K.

Rumors of this crypto expansion proposal have been circulating since the past month after Dan Schulman’s speech. Dan Schulman’s CEO had earlier informed investors on the upcoming PayPal services to the residents U.K.

Reports also revealed that PayPal is also interested in Defi development and integration plan in the future.

FCA has crampt down on crypto exchanges that has not met up to its regulatory demands.

 FCA, the accronym for  Finacial Conduct Authority has shut down the operations of Binance U.K. after warning them against providing regulated trading activity in the country this summer.

PayPal’s da Ponte Jose gave assurance that his company will keep working in conformity  with U.K. regulators and others to roll out its cryptocurrency services.