Recently, PayPal Holdings Inc will start to allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company.
The roll-out, which scripts the first international expansion of PayPal's cryptocurrencies services separate from the United States, could stimulate further typical adoption of the new asset class.
With over 403 million active accounts globally, the San Jose, California-based company is one of the largest conventional financial companies to offer consumers access to cryptocurrencies. PayPal propelled cryptocurrency buying and selling in the United States initial this year, later qualifying customers to use their statistical coin resources to shop at the millions of merchants on its network.
The company anticipated its venture into the new advantage class would encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by corporations and central banks.
Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said, "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."
In the UK, PayPal's service will rival that of established cryptocurrency exchanges such as Coinbase Global Inc, as well as well fintech startups such as Revolut. Customers will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.
The move comes as more conventional financial companies have started proposing their clients, both consumers and institutions, access to digital assets, amid rising cryptocurrency prices.