PayPal introduces Bitcoin and other cryptocurrencies for users of the platform in the United Kingdom, but not as a payment method. The new service works to buy, sell and hold cryptocurrencies through the platform.
PayPal offers service for bitcoin, ethereum, litecoin and bitcoin cash, so that UK users can buy, hold and sell cryptocurrencies through the payment platform for the first time.
How does PayPal’s cryptocurrency service work?
PayPal He said that he hopes that adopting cryptocurrencies will help improve knowledge and understanding of digital currencies, as cryptocurrencies remain controversial due to their lack of regulation and volatile fluctuations in value. What’s more, Cybercriminals use the coins to hide their activities.
“Our global reach, our expertise in digital payments, and our consumer and business knowledge, combined with rigorous security and compliance controls, give us the unique opportunity and the responsibility to help people in the UK explore cryptocurrencies.
Through a statement, the company said that a cryptocurrency tab will be added to the PayPal platform, which displays currency prices in real time and offers educational content to help answer common questions and learn more about cryptocurrencies, including potential risks.
José Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal, said the company’s service could help introduce more people to technology and how they work, helping to better shape the role that currencies could play in the future.
“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 José Fernandez.
PayPal confirmed that the service would start rolling out this week and it would be available to all eligible customers in the coming weeks. PayPal launched a similar service in the United States, where the app allows users to make purchases at participating companies using cryptocurrencies, a feature that has yet to be confirmed for a UK launch.