Payment processing company PayPal Holdings has launched a cryptocurrency trading feature for its customers in the UK. The company said Monday that users of its platform in the UK should now be able to buy, sell, and hold major cryptocurrencies such as bitcoin, ethereum, and litecoin.
The rollout of the feature in the UK is the first international expansion of the company's cryptocurrency trading services outside of the United States. Cryptocurrency enthusiasts have praised the move, stating that it could inspire further adoption of the asset class by more people and businesses.
Allowing cryptocurrency trading on its platform is a significant boon to cryptocurrencies in general. PayPal has over 403 million active users worldwide, and it is considered the largest mainstream financial services company globally.
With its launch, PayPal will now be competing with established cryptocurrency exchanges such as Coinbase and fintech company Revolut in the U.K. Starting this week, users in the UK can buy, sell, and hold cryptocurrencies using their existing PayPal wallets online or on their mobile devices through the company's app.
PayPal initially launched its cryptocurrency trading services in the U.S. earlier this year. Apart from allowing users to buy, sell, and hold cryptocurrencies, the California-based company also allowed users to use their digital coin holdings to purchase items and services at millions of merchants on its network.
PayPal has been a proponent of the global adoption of cryptocurrencies. The company previously said it would continue its foray into the new asset class to encourage its global use further. It added that it would also be preparing its network to adapt to the new type of asset class, which could soon be used by major corporations and central banks.
"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," PayPal's vice president and general manager for blockchain, crypto and digital currencies, Jose Fernandez da Ponte, said.
