July 6, 2022

The Queens County Citizen

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United Kingdom | PayPal allows its customers to buy and sell cryptocurrency

United Kingdom |  PayPal allows its customers to buy and sell cryptocurrency

(London) US online payment giant PayPal on Monday announced that it will allow its customers in the UK to buy, hold and sell cryptocurrency for the first time through a payment platform.

Its customers can choose from four types of cryptocurrencies: Bitcoin, Ether, Lightcoin and Bitcoin Cash.

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

The new service will launch this week and will be available through both apps PayPal And website.

The online payment giant said it hopes it will help them understand how cryptocurrencies work.

The popularity is growing

The popularity of cryptocurrencies has grown exponentially in recent years despite concerns about volatility and their environmental impact.

“The pandemic has accelerated digital transformation and innovation in all aspects of our lives, including the digitization of money and the increasing consumer acceptance of digital financial services,” said Jose Fernandez da Ponte, vice president and managing director of blockchain, at crypto and digital currencies at PayPal.

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

“We are committed to working closely with regulators in the UK and around the world to provide our support and contribute significantly to the role that finance and digital currencies will play in the global future,” he said. .

In the US, PayPal has launched a similar service that also allows users to make purchases in participating businesses using cryptocurrency – this feature has not yet been verified for release in the UK.

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