PayPal completes rollout of cryptocurrency offering in UK

The roll-out in UK is the first international expansion of PayPal’s cryptocurrencies services outside of the United States. (Source: Reuters)

Nearly a month after PayPal announced that it will expand its cryptocurrency offering in the UK, the company has said that the launch has been completed for all eligible PayPal account holders.

"We are pleased to announce that all eligible PayPal account holders in the UK can now buy, hold and sell cryptocurrency directly with PayPal. Download the app or log in to your account to learn more," PayPal said on September 17.

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The roll-out in UK is the first international expansion of PayPal’s cryptocurrencies services outside of the United States.

In the UK, PayPal’s service will rival established cryptocurrency exchanges such as Coinbase Global Inc, and fintech startups such as Revolut.

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Customers will be able to buy bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.

"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,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal had said in a statement.

With over 400 million active accounts globally, the San Jose, California-based company is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.

PayPal launched cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.