AFP, Posted on Monday 23 August 2021 at 01:01
PayPal, the US online payment company, announced on Monday that it will allow its users 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 cryptocurrency: Bitcoin, Ether, Litcoin and Bitcoin Cash.
A new tab will be added to the PayPal site that will show real-time currency prices and information about cryptocurrencies, including potential risks, PayPal said.
This new service will launch this week and will be available on both the PayPal app and the website.
The online payment company hopes that this will help them understand how cryptocurrencies work.
The popularity of cryptocurrencies has risen in recent years, despite concerns about their volatility and environmental impact.
“Epidemic has accelerated digital transformation and innovation in all aspects of our lives, including the digitalization of money and the increasing consumer adoption of digital financial services,” Jose Fernandez da Ponte told PayPal.
PayPal believes that “there is a unique opportunity and responsibility to help people in the UK explore cryptocurrency”.
“We are committed to continuing to work with regulators in the UK and around the world, providing our support and significant contribution to shaping the role that digital currencies will play in the future of finance and the world.” .
In the US, PayPal has introduced a similar service that allows users to make purchases in participating businesses using cryptocurrency – a feature yet to be released in the UK.