Less than a year after introducing a feature that allows US residents to buy Bitcoin and other cryptos on its platform, PayPal has expanded its cryptocurrency services to UK customers.
The feature will allow eligible customers from the UK to buy, sell, and store Bitcoin and other cryptocurrencies via the PayPal platform starting this week. According to the online payments giant, UK customers will now be able to purchase Bitcoin (BTC), ether (ETH), Litecoin (LTC), or Bitcoin cash (BCH) for as low as £1.
The move is the firm’s first international expansion of its cryptocurrency services. And similar to the U.S. version of the product, PayPal will continue to use regulated crypto company Paxos for its services in the UK.
The service does not support PayPal business accounts. Customers are also required to verify their identity in order to become eligible for the service.
PayPal had previously revealed its plans to extend its digital asset services globally. Since the initial announcement in later 2020, the platform has seen massive crypto engagement.
The company’s extension into the UK comes at a time where the country’s Financial Conduct Authority (FCA) is going hard on unregistered exchanges. Notwithstanding, the payments processor has established strong regulatory relations, according to the Head of PayPal’s crypto and blockchain division, Jose Fernandez da Ponte.
We are committed to continue working closely with regulators in the U.K. 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.