Key Takeaways
- PayPal set to rollout crypto services in the UK
- Crypto rollout part of PayPal’s plan to hold a major stake in the UK market
- PayPal to work closely with UK financial regulator FCA
Last October, PayPal had made the news when it announced its intentions to offer cryptocurrency services on its platform. The company had stated that the rollout would begin with its US customers before expanding globally.
Some months after the announcement, PayPal rolled out crypto services to US customers to massive success, and the company recorded major profits in the second quarter of the year. Expanding this operation to the UK is the next logical move, considering the popularity of cryptocurrencies in the European nation.
According to the statement released by PayPal this week, UK customers will purchase cryptocurrencies from their accounts. The four cryptocurrencies made available for purchase include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
With this development, PayPal intends to become a major stakeholder in the UK crypto market and provide digital asset exposure to over 1.8 million active users. In addition, PayPal has been methodological in its approach towards adding crypto assets to its services in the UK.
The UK Financial Conduct Authority (FCA) has been cracking down on unlicensed crypto service providers in recent months. The financial regulator warned several exchanges that are offering trading activities to stop operations, and the leading crypto exchange Binance shut down its UK operations a few months ago.
PayPal is known for its adherence to financial regulations, and a senior executive for the company revealed that it was working closely with UK regulators. Major stakeholders have praised the rollout of crypto services in the UK by PayPal in the crypto space.
Many see it as the right step towards the global adoption of cryptocurrencies despite the centralized nature of PayPal. It will be interesting to see which country is next on the list of PayPal crypto rollouts.
What's your take on PayPal's latest launch in the UK?
