PayPal on Monday revealed it is set to allow UK users to buy, hold and sell cryptocurrency through its online payment platform.
The US firm revealed the new development, adding that its new service would allow UK-based customers to choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
The firm further stated that they will be available via the PayPal app and its website.
The expansion is set to start this week and will be available to all eligible customers within the next few weeks.
PayPal states that a new cryptocurrency tab will be added on platform, showing real-time currency prices.
Jose Fernandez da Ponte of PayPal said, “The pandemic has accelerated digital change and innovation across all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services.”
He stated that the firm hoped the new offering would “help people in the UK to explore cryptocurrency”.
“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.”