PayPal announces launch of crypto capabilities for UK users

Payment platform PayPal has announced it is set to enable its UK users to trade in cryptocurrencies for the first time.

The firm has confirmed it will allow customers to buy, hold and sell four types of cryptocurrency – bitcoin, ethereum, litecoin and bitcoin cash – via its app and website.

A new crypto tab will be added to the platform showing real-time currency prices as well as featuring content designed to help answer frequently asked questions and help users to learn more about cryptocurrencies.

Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies, commented: “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.

“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency.

“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.”

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