Recently, PayPal announced that it would introduce its new crypto services to UK customers. The giant company announced that it completed the launch of the trading platform in the country and the customers would now be able to buy, hold, and sell cryptocurrencies, including Bitcoin, Ethereum, BitcoinCash, and Litecoin, using their PayPal accounts.
The company also offers clients access to sophisticated educational content about cryptocurrencies, which can be used to increase understanding of the crypto market.
However, it was also noted that only verified accounts will be granted the opportunity to trade cryptocurrencies. This marks the first expansion of this service of the company outside of the USA. It was first launched in the US about a year ago, in November 2020.
The payment giant announced its plans to expand its crypto services outside of the USA in August, saying that it was working to offer services to clients from the UK. While cryptocurrencies remain controversial due to a lack of regulations and high volatility, the number of people interested in the market is constantly increasing.
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The Vice President of the crypto and digital currencies at PayPal said that the aim of the new service is to introduce more people to the cryptocurrency market and help them better understand how it works. He said that pandemic accelerating the development of digital currencies and showed how important such innovations are for people around the world.
PayPal’s New Services
The crypto services were introduced by the payment giant last year, in November 2020. With the introduction, the company allowed traders in the United States to use PayPal’s platforms for crypto transactions. It can be used to buy, sell, and hold cryptocurrencies.
PayPal has long had plans to offer crypto services in other countries as well. However, no such step had been taken prior to this. UK is the first country after the US where PayPal introduced its crypto services.
PayPal announced that the aim of the further expansion of its services is to further popularize cryptocurrencies and even make them mainstream. However, the representatives of the company did not announce any plans to further expand the services in other countries.
Crypto Trading in the UK
Crypto trading is very popular in the UK. It is a totally legal venture, and all of the crypto exchanges must be registered with the FCA, which is the main financial regulator of the UK.
There are numerous companies offering traders from the UK their services. This makes getting started in the market very easy in the UK. Crypto exchanges let traders trade cryptos without having to leave their homes.
Due to such high comfort, there are many people who trade cryptocurrencies in the country. Even if you do not have enough time to analyze the market and trade cryptocurrencies, you can still trade by using crypto trading robots.
These robots are developed for trading cryptos automatically. While using a BTC trading bot, you can simply go on with your day while the robot analyzes the market. Trading robots are able to analyze markets in a lot efficient manner. When it comes to market research, there is always some type of limit for humans. There is no such limit for crypto trading bots.
Competitors of PayPal in the UK
The UK is home to many crypto exchanges. Some of the best crypto exchanges around the world offer traders from the country their services. Because of this, the local trading market is considered to be very competitive.
The move of PayPal makes it a competitor of one of the leading fintech companies in the UK, Revolut. This fintech company has added the same services, buying, holding, and selling cryptocurrencies, back in 2017. In total, the company supports over 30 tokens. But, this is not all, there also are many other well-known and established crypto exchanges that are very popular among UK traders.
The representatives of PayPal have talked about further growth on numerous occasions. They have said that while there are no confirmed dates for launching their services yet, PayPal does have a plan to slowly roll out the services to other global markets in the coming years.
PayPal has also added a new function, Checkout with Crypto, which lets traders in the US convert crypto holding to cash without transaction fees. However, this service is not yet available for customers in the UK.
The steps taken by PayPal are very important for the whole crypto industry, as they can support the further development of the market.
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