PayPal has risen to fame in the fintech industry all over the world. Due to the digitization of the economy around the globe, PayPal has been able to become one of the largest payment services providers in the 21st century. With PayPal, the users can access a digital wallet and connect it to their banks or any other monetary custodial service provider.
As per the executive brass of the digital payments giant, the company has always tried to adapt to the latest fintech innovations. Therefore, PayPal has been taking a keen interest in cryptocurrency trading for a long time. Recently, PayPal allowed users in the United States to trade digital assets with their PayPal wallets. Now, the payment innovator is planning to extend this new feature for their consumers in the UK.
PayPal users in the United Kingdom can now hold, sell, purchase, and exchange cryptocurrencies with their accounts. For the time being, only an accredited list of users will be able to access this option. Meanwhile, the institutional users of PayPal are still unable to get access to the new feature. The number of cryptocurrency options for PayPal is limited for the time being.
At present, PayPal wallet supports tokens like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. On the other hand, the users who access the services with the help of mobile phone applications and websites can both access this option. Jose Fernandez Da Ponte is a senior executive at PayPal. He recently told the media that the service is planning to assist the consumers in the UK in making their financial payments trouble-free during the COVID-19 era.
PayPal to Promote Crypto Trading in the UK
At present, the consumers in the UK are facing strict regulatory pushback from the federal authorities. The Financial Conduct Authority (FCA) has introduced a ban on many cryptocurrency exchange platforms and restricted them from operating under the jurisdiction. However, PayPal reportedly shows a great number of followers in the European area. As per the latest estimates, PayPal has over 2 million active users in the United Kingdom alone. With other avenues for crypto trading become obsolete for UK consumers, the chances of PayPal crypto facilities gaining popularity are high. Since the CEO of PayPal, Dan Schulman, opened up about their cryptocurrency expansion plans last month, there are many rumors that PayPal might be planning to offer more crypto-related services in the region. Da Pote Jose also assured users that PayPal would continue their crypto trading options in compliance with the UK regulatory obligations.
