PayPal users in the United Kingdom will soon be able to buy, sell, and hold cryptocurrencies in the app.
This will be PayPal's first international expansion of its digital currency offering following its initial launch in the United States last year.
PayPal to Launch Cryptocurrency Offering in the U.K.
PayPal is set to bring its digital currency offering to the United Kingdom by allowing users to buy, sell, and hold cryptocurrencies in the app.
According to TechRadar, U.K. PayPal users "will be able to start buying or selling from as little as £1, with the site also offering real-time price tracking and advice on the latest crypto news."
Among the cryptocurrency offerings that U.K. PayPal users can invest in include Bitcoin, Ethereum, and Litecoin.
PayPal is hoping that the expansion of their crypto offerings will encourage people to explore the world of cryptocurrency.
"The tokens and coins have been around for a while but you had to be a relatively sophisticated user to be able to access that... having that on a platform like ours makes a really good entry point," according to Jose Fernandez da Ponte, PayPal general manager for blockchain, crypto and digital currencies, as quoted by the TechRadar report.
PayPal's Crypto Offerings in the US
PayPal's crypto offerings were first launched in the United States in October of last year. It is similar to the U.K. offering in a way that users in the US can sell, hold, and buy cryptocurrencies on the app.
There is, however, a catch. Users are not allowed to take their crypto out of the PayPal app.
In March, PayPal announced that it will start accepting cryptocurrencies as a form of payment.
According to the TechRadar report, PayPal said that their crypto offerings in the U.S. "has been doing really well" and the company hopes they would be able to stay the same thing about the U.K.
PayPal is also open to expanding their crypto offerings to other markets, but that will depend heavily on how well the U.S. and the U.K. markets will perform.
What is Cryptocurrency?
Cryptocurrency has been defined by Investopedia as "a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend."
There are different kinds of cryptocurrencies available these days. Aside from Bitcoin, Ethereum, and Litecoin, there is also Binance Coin, Cardano, Polkadot, Tether, USD Coin, and XRP, among others.
Cryptocurrency has also been compared to NFT, or non-fungible token, frequently. While they are not one and the same, they share similarities.
Similarities of cryptocurrency and NFT include having digital records stored on a blockchain as well as unstable volatility. Both are usually characterized by governments' inability to regulate them. That, however, may soon change, especially in the United States.
This article is owned by Tech Times
Written by Isabella James