By Eurasia Business News – August 23, 2021

PayPal Holdings Inc announced on August 23 that it will allow British customers to buy, sell and hold bitcoins and other cryptocurrencies starting this week.

This move marks the the first international expansion of PayPal’s crypto product, which first launched in the U.S. in October 2020.

“It has been doing really well in the U.S.,” Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies. “We expect it’s going to do well in the U.K.”

PayPal hopes that such a move will contribute to the wider use of cryptoassets in the world, as well as prepare the network for new digital currencies that are being developed by private companies and central banks.

“We want to continue to work closely with regulators in the UK and around the world, to offer our support – and thereby help shape the future role of digital currencies in finance and retail, “said José Fernandez da Ponte, vice president and general manager of blockchain at PayPal Inc.

Read also : Bitcoin breaks $50,000 again for first time since May

In the UK, PayPal will compete with well-known cryptocurrency exchanges such as Coinbase, as well as fintech startups such as Revolut.

British customers will be able to buy Bitcoin, Ether, Litecoin and Bitcoin cash through their PayPal wallets online or in a mobile app.

Read also : Bitcoin price tops $ 64,000 for the first time amid Coinbase listing

Along with Paypal, large investors, banks from Goldman Sachs, JP Morgan to Morgan Stanley, investment fund like SkyBridge Capital, fintech like Square Inc. and industrial tech companies such as Tesla Inc have invested significant funds in Bitcoin or have started to offer access to crypto-funds.

Read also : Bitcoin crosses $ 30,000 for the first time

Read also : Bitcoin surpasses $ 19,000 for the first time in three years

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