After authorizing its customers to make their payments in bitcoin, Paypal will allow its British users to buy and sell cryptocurrencies through its platform. Starting this week, on the website and on the Paypal application, affected customers will be able to choose from four types of cryptocurrency: bitcoin, ether, litecoin and bitcoin Cash.
A new tab will be added to the PayPal platform, showing real-time currency prices and including information about cryptocurrencies, including potential risks, PayPal said.
For Paypal, this is a further step towards the democratization of cryptocurrencies. The online payment giant said it hopes the feature will help improve understanding of how they work. The company has “the unique opportunity and responsibility to help people in the UK explore cryptocurrency,” said Jose Fernandez da Ponte, vice president and general manager responsible for blockchain, crypto and currencies digital at PayPal.
A similar service in the United States
Despite their volatility and concerns about their environmental impact, the popularity of cryptocurrencies has skyrocketed in recent years. “The pandemic has accelerated digital change and innovation in all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services,” according to the leader.
“We are committed to continuing to work closely with regulators in the UK and around the world, to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of finance and the world. global trade, ”he added.
In the US, PayPal has launched a similar service, which also allows users to make purchases at participating businesses using cryptocurrency – a feature that has yet to be confirmed for release in the UK.