PayPal now offers cryptocurrency services to consumers in the United Kingdom.
Customers with verified identities will soon be able to trade cryptocurrency through PayPal.
Crypto transactions for PayPal business accounts, on the other hand, are not currently supported.
Residents of the United Kingdom will be able to purchase, hold, and trade cryptocurrencies for the first time through PayPal starting this week, marking a big milestone for a firm that only started offering digital asset services a year ago.
PayPal stated on Sunday that clients in the United Kingdom would soon be able to buy Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) using the company's website and mobile app.
The announcement marks the first time PayPal's cryptocurrency services have been made available outside of the United States, having initially launched in November of last year.
One of the key motives for adopting crypto in the first place, according to Jose Fernandez da Ponte, a senior executive for PayPal's crypto division, was the "digitization of money" during the epidemic.
He went on to say:
“With our worldwide reach, digital payments expertise, consumer and business understanding, and stringent security and compliance standards, we have the unique potential, and obligation, to assist consumers in the United Kingdom in exploring cryptocurrency.”
PayPal might help increase exposure to digital assets in the United Kingdom by making its cryptocurrency services available to UK residents.
According to reports, the United Kingdom has the largest PayPal penetration of all European countries, with over 2 million monthly active users.
Since last month, when CEO Dan Schulman warned investors that the U.K. is expected to acquire the service shortly, rumors regarding PayPal's crypto growth ambitions have been swirling.
The corporation is also keeping a watch on advances in decentralized finance, or DeFi, which could be a forerunner to future integration ambitions.
On the regulatory front, the Financial Conduct Authority (FCA) of the United Kingdom is increasingly cracking down on cryptocurrency exchanges that do not comply with its registration criteria.
Binance's activities in the United Kingdom were shut down earlier this summer after the Financial Conduct Authority (FCA) informed the exchange that it was not permitted to offer regulated trading activity in the country.
In rolling out its crypto products, PayPal's da Ponte stated that his company is "determined to continue working closely with regulators in the United Kingdom and around the world."