PayPal to enable cryptocurrency services for UK consumers
The announcement marks the first international expansion of PayPal’s cryptocurrency products, which first launched in the US in October 2020, according to CNBC. The online payments company’s crypto feature lets customers buy or sell Bitcoin, Bitcoin cash, Ethereum or Litecoin with as little as GBP 1. Users can also track cryptocurrency prices in real-time and find educational content on the market.
Similar to the US version of the product, PayPal is relying on Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the UK. Moreover, PayPal said it has engaged with relevant UK regulators to launch the service.
However, a spokesperson for the Financial Conduct Authority, Britain’s financial services watchdog, was not immediately available for comment on the announcement.
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