PayPal announced on Monday that for the first time, users in the United Kingdom would be able to buy, hold, and trade cryptocurrencies through the online payment network.
The entry into the popular digital money trend follows similar steps by the payments giant earlier this year in the United States.
The US company stated that its new service would allow consumers in the United Kingdom to pick between four types of cryptocurrency: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
They will be available through both the PayPal app and the PayPal website, with the expansion slated to begin this week and reach all qualified users within the next few weeks.
PayPal announced the addition of a new cryptocurrency page to its site, which will display real-time currency pricing.
“The pandemic has accelerated digital change and innovation across all aspects of our lives, including the digitisation of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, of PayPal.
He added the firm hoped the new offering would “help people in the UK to explore cryptocurrency”.
“We are committed to continuing 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”.
Venmo, a PayPal-owned mobile payments service, began allowing users in the United States to purchase, hold, and sell cryptocurrencies using its app in April.
This comes on the heels of PayPal allowing customers to utilize bitcoin to make purchases from millions of merchants who use the financial platform for online transactions in March.
PayPal makes it simple and quick to send and receive money online. You can send money (from overseas) to relatives, friends, online stores, and auction sites such as eBay.