UK customers can now buy, hold and sell digital currencies with PayPal
As Qoin prepares to roll its way into the UK market, it’s timely that PayPal has announced that UK customers can now trade Bitcoin and other digital currencies using the payment system.
The move by the global giant allows users to buy, sell and hold Bitcoin cash, Ethereum (ether) and Litecoin, as well as track prices and access educational content about the digital asset space.
PayPal launched its digital currency services in the United States earlier this year and has plans to continue the roll-out to its 403 million customers during the coming months.
“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,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said.
According to PayPal its foray into crypto is about making it easier for people to participate in the market.
“The tokens and coins have been around for a while, but you had to be a relatively sophisticated user to be able to access that,” da Ponte said. “Having that on a platform like ours makes a really good entry point.”
The announcement was well received by industry professionals who realise that this is a way of attracting millions of new retail investors into the digital currency space.
“Bitcoin has broken out above $50,000 for the first time since May this year as PayPal announces crypto buying and selling in the UK,” Simon Peters, a cryptocurrency market analyst at the online trading platform eToro, told the media last week.
When PayPal first announced plans to introduce digital currency services last year, the price of Bitcoin rose to a yearly high above $12,000, and was described as ‘a major step forward towards the mass adoption of digital currencies’.
For more about Qoin’s UK expansion, check out our recent chat with Master Agent Nathan Costley on QDN.