In its first crypto offering outside of the US, PayPal has launched a new service in the UK that allows its UK customers to buy and sell crypto.
The international expansion of PayPal marks a significant moment for the global adoption of cryptocurrencies. In a statement released by the online payments platform, PayPal revealed that the new UK offering would start to be rolled out this week.
Jose Fernandez da Ponte, Vice President and General Manager of Blockchain, Crypto and Digital Currencies at PayPal commented on the launch:
“The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services.Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. 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.”
The new service will enable UK users of PayPal to access a total of four different cryptocurrencies - Bitcoin, Ethereum, Litecoin and Bitcoin Cash via the website or app. While there are no fees to hold cryptocurrency, users will have to pay as of yet undisclosed transaction and currency conversion fees.
With PayPal being one of the leading industry players to adopt the use of cryptocurrencies into their business model, their crypto launch in the UK will have met all the current regulatory requirements, and in turn may prove beneficial for other companies to follow suit.
Gregory Klumov, CEO of STASIS, EXANTE's sister company, commented on the PayPal launch:
"Since the country is in the world's top 10 economies, such a milestone will clearly drive the continued adoption of digital assets in Europe and beyond. Summer closes with a rapid but expected surge in the crypto market. While the institutional infrastructure experiences numerous cash injections from large financial investors (for example, Solana and Paxos fundraised for the further development, and Circle is getting ready for IPO), the retail infrastructure continues to connect new markets - thereby establishing simple channels for individuals to allocate funds into the digital asset market."
As institutional partnerships are forged between blockchain companies and the likes of PayPal, few can deny the overall positive outlook for the crypto industry. While regulation has proved to be one of the obstacles to global adoption, industry adoption has not abated, the result of which is a strengthening of the crypto industry.
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