First international expansion outside the USA – stock exchanges

Paypal has completed the first international expansion of its cryptocurrency offering outside the US Paypal Crypto is now available to customers in the UK, allowing them to buy, hold and sell four types of cryptocurrencies.

Paypal Crypto now available to all eligible UK customers

Payments giant Paypal Inc. announced on Friday that it has completed the launch of its crypto offering in the United Kingdom began At the end of August, when the company announced the launch of its crypto service in the UK

The official Paypal UK account tweeted:

We are pleased to announce that all eligible customers in the UK can now buy, hold and sell cryptocurrencies Bitcoin, Ethereum, Bitcoin Cash & Litecoin from their Paypal account.

The company's website explains that the crypto service is provided in the United Kingdom by Paypal (Europe) S.à rl et Cie, SCA, a credit institution regulated by the Luxembourg financial regulator Commission de Surveillance du Secteur Financier. However, the crypto service is not regulated by any regulatory authority, including the UK's Financial Conduct Authority (FCA).

Paypal further detailed: "You can buy, sell and hold cryptocurrency through Paypal's cryptocurrency service, but you cannot use it to send cryptocurrency. Purchases and sales of cryptocurrency are irreversible and cannot be changed." However, the company is called in May that it plans to allow crypto transfers to third-party wallets.

The payments giant noted that the UK launch “represents the first international expansion of the company’s cryptocurrency offering outside of the United States.”

Paypal announced that it launched a crypto service in the US in October last year to “enable its millions of US customers to buy, hold and sell cryptocurrencies”. Paypal says its platform is available in over 200 markets and serves more than 400 million consumers and merchants. The company's cryptocurrency offering comes through a partnership with Paxos Trust Company, a New York-based financial institution and technology company specializing in blockchain.

In March, Paypal announced “ Checkout with crypto ” and then launched the crypto service on its mobile payment service Venmo In April. In July, the company announced its plans to expand crypto services, Attitude over 100 crypto positions.

Additionally, Paypal's venture capital arm has invested in blockchain and crypto startups including crypto risk management company TRM Labs, crypto tax software provider TaxBit, and institutional crypto infrastructure technology Talos.

What do you think of Paypal launching in the UK? Let us know in the comments section below.

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