PayPal announces the fulfillment of its commitment to provide crypto services for the people living in the UK. The electronic payment processing giant has announced that its crypto services will be made available in the UK before the end of this week. Crypto interested people from the UK will be able to access crypto trading and custodial services from the platform of PayPal.
It was in the month of October last year when electronic payment processing giant, PayPal, stepped into the arena of digital currencies. The exponential growth of cryptocurrencies and unconventional surge in their values forced PayPal into embracing crypto. The company announced at that time that it will provide for crypto trade and custodial services. However, initially, PayPal proposed to start its journey of crypto trading and custodial services from its homeland i.e. the US. Since October 2020, the customers of PayPal in the US have been deriving benefits from PayPal-backed crypto services. So far, PayPal’s crypto business is spiking on daily basis and the firm has been collecting huge revenue funds against its crypto services.
When PayPal launched crypto services, it promised that the next country where it would expand its crypto service arm would be the UK. It is reported in the global crypto news that PayPal is about to fulfill its promise to the people of the UK.
PayPal announced that it is ready to expand outside the US and the next place is going to be the UK, as promised. The company further revealed that it expects to launch crypto services in the UK before the end of this week. This would mean that in a matter of a few days more, the residents of the UK will be able to utilize PayPal’s crypto services. British citizens can then own crypto accounts, sell/purchase preferred cryptocurrencies out of BTC, ETH, LTC, and BCH. They can also avail PayPal’s crypto custodial services for storing their crypto funds. The British customers would enjoy the same services as have been enjoyed by PayPal’s customers living in the US.
PayPal said that it has high hopes for its crypto business to boom in the UK. The company revealed that starting crypto services from the US was an awe-inspiring experience for them. The experience helped them to add more for their crypto customers. PayPal’s Crypto GM, Jose Fernandez, also commented that PayPal’s crypto business in the US was and is phenomenal. He suggested that the same kind of response PayPal is expecting from the public living in the UK.
The company also revealed that Paxos was the best partner PayPal could ever have with regard to crypto. This is why PayPal would like to continue to work with Paxos in its future pursuits and expansion, said Fernandez. PayPal has further informed that in order to launch its crypto services for UK residents, the company has contacted UK’s watchdog. The company clarified that everything is in order and in accordance with the laws of the UK.