PayPal allows UK users to buy and sell cryptocurrency

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London (AFP)

US online payment giant PayPal announced Monday that it will allow its users in the United Kingdom to buy, hold and sell cryptocurrency through its payment platform for the first time.

Its customers will be able to choose from four types of cryptocurrencies: Bitcoin, Ether, Litecoin and Bitcoin Cash.

A new tab will be added to the PayPal platform, showing real-time currency rates and including information about cryptocurrencies, including potential risks, PayPal said.

This new service will start rolling out this week and will be available through both the PayPal app and the website.

The online payment giant said it hopes this will help improve understanding of how cryptocurrencies work.

Cryptocurrencies have risen in popularity in recent years, despite their volatility and concerns about their environmental impact.

“The pandemic has accelerated digital change and innovation in all aspects of our lives, including the digitization of money and increased consumer adoption of digital financial services,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currency. in PayPal.

He believes PayPal has a “unique opportunity and responsibility to help people in the UK explore cryptocurrency.”

He added: “We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support and contribute significantly to shaping the role that digital currencies will play in the future of finance and the world.” .

In the US, PayPal has launched a similar service, which also allows users to make purchases at participating companies using cryptocurrency – a feature whose UK launch has yet to be confirmed.

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