PayPal launches crypto service in the UK
PayPal launches crypto service in the UK

PayPal has announced the launch of a new service that will allow its UK customers to buy, hold and sell cryptocurrency starting this week.

The pandemic has accelerated digital transformation and innovation in all aspects of our lives. Including the digitization of currencies and more and more consumers are choosing digital financial services.

The online payment giant enables users to buy, sell and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin. In addition to monitoring prices and accessing educational content in the field of cryptography.

The announcement helped boost the recovery in the cryptocurrency market. Bitcoin price surged above $50,000 on Monday, hitting a three-month high.

The online payment giant opened its crypto service to US customers for the first time earlier this year. The service is set to be rolled out to more than 403 million international customers this year.

“We are committed to continuing to work closely with regulators in the UK and around the world,” said PayPal Vice President and General Manager for Blockchain Technology, Crypto and Digital Currency. It's about offering our support and making a meaningful contribution to defining the role of digital currency in the global financial and commercial business of the future.

Industry insiders applauded the statement made by the online payment giant. The influx of millions of new retail investors could help push the price of Bitcoin even higher.

Simon Peters, crypto market analyst at eToro, the online trading platform, said: “With PayPal announcing the purchase and sale of cryptocurrency in the UK, Bitcoin has crossed the $50,000 mark for the first time since May this year.

He added: "PayPal has delayed the purchase and sale of cryptocurrency in the UK." But he has now announced his intention to allow UK users to buy and sell cryptocurrencies starting this week.

It is not clear if the company will allow users to use the aforementioned cryptocurrency for payments.

PayPal launches crypto service in the UK

Although there have been increases lately. Bitcoin still has a long way to go to reach an all-time high of $64,000 in April 2021.

When PayPal first announced its plans to offer crypto services last year, the price of bitcoin reached an annual high of over $12,000.

This move has been described as an important step towards mass adoption of digital currencies.

The record price hike helped lift the total market capitalization of cryptocurrencies to more than $2 trillion. This allows it to outperform companies like Amazon, Facebook and Google in terms of total value.

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