The move marks the first international of PayPal’s crypto product, which was first launched last October in the US. Its crypto feature allows customers to buy or sell bitcoin, bitcoin cash, ethereum, or litecoin with just £1. Additionally, customers are also able to track real-time crypto prices and access educational content on the market.
The extension of the service to the UK will rely on the New York regulated digital currency company Paxos and PayPal has confirmed that it has engaged with all relevant British regulators to launch its crypto service.
Despite ongoing concerns regarding crypto’s volatility, consumer protection and the potential for money laundering issues, many major companies including Tesla, Mastercard, and Facebook have been opening up to crypto in recent months. PayPal is one of the many large finance firms choosing to embrace the unregulated world of crypto. The move by the online payments giants comes as Bitcoin hit $50,000 on Sunday, reaching a more than 3-month high.