As part of the expansion of its UK offering, PayPal has announced that it will allow users in the country to hold and sell digital currencies via its offering.
The initial steps of the expansion will see the firm enable usage of Bitcoin, Ethereum, Litecoin and Bitcoin Cash, as it seeks to cater to the majority of digital currency users.
Jose Fernandez da Ponte, Vice President and General Manager for Blockchain, Crypto and Digital Currencies at PayPal, commented on the news: “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.”
In many ways, the offering replicates the firm’s expansion of digital currencies in the US, with it allowing for transactions to take place via cryptocurrency in the region.