San Jose-based payment giant PayPal announced that its cryptocurrency product will launch in the UK later this week.
Its UK customers will soon be able to buy and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Paypal to Expand Crypto Services to Other Market
In his statement, PayPal’s Jose Fernandez da Ponte highlighted the company’s commitment to compliance:
“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.”
PayPal first launched its cryptocurrency products for some US customers in October and then gradually expanded its sphere of influence.
The company’s long-awaited entry into the crypto space is believed to be one of the main catalysts for Ethereum significant growth in the fourth quarter of 2020.
According to da Ponte, PayPal’s goal is to expand its cryptocurrency services to other markets as well.
At the end of May, the company announced that it would finally be giving its customers the option to withdraw crypto assets, a feature that has been widely sought after.
PayPal is also preparing to launch its own stablecoin, but the project is still at an early stage.