One of the biggest payment providers in the world, PayPal, brings its crypto services to the UK. Starting this week, PayPal will enable UK citizens to purchase, sell or hold cryptocurrencies, similar to the situation in the USA. In the beginning, UK users will have the option to choose from 4 different cryptocurrencies from the PayPal platform. More specifically, bitcoin, bitcoin cash, litecoin, and ethereum.
With PayPal’s cryptocurrency services being such a hit in the US, the company expects a similar turnout in the UK as well. Consequently, PayPal will ensure the same standard and quality services as in the US. For that matter, PayPal will turn to its usual partner for crypto ventures, Paxos.
The tokens and coins have been around for a while but you had to be a relatively sophisticated user to be able to access that. Having that on a platform like ours makes a really good entry point.
Moreover, in order to provide the utmost transparency and to comply with local UK laws, Paxos had to contact UK’s official regulators. And, that is not an easy task. Especially if you consider the reputation that usually precedes UK regulators. Hence, the reputation of the New York-based Paxos plays a crucial role in getting the approval of the UK regulators.
It seems like the crypto craze in the US is definitely something that surprised even PayPal themselves. Being that even the CEO of PayPal reports that the demand for PayPal’s crypto is ‘multifold. One of the biggest contributors to the immediate success of PayPal and its crypto program is the convenience of the method.
Furthermore, what makes PayPal such a convenient and obvious choice is the options that it enables. For example, starting 30th March, PayPal stated that the ‘Checkout With Crypto’ feature is finally available. What makes this feature unique, is that you get the chance to perform crypto transactions at more than a million online stores.
One of the biggest flaws of PayPal is definitely its ecosystem. Meaning that you can only withdraw crypto funds solely to your PayPal wallet. As opposed to allowing you to withdraw crypto to third-party wallets. That is probably the biggest drawback to using PayPal for crypto transactions. Consequently, the reason why PayPal brings crypto in the UK has to be due to its success in the US.
However, we believe that PayPal should integrate at least several other digital coins into their offer. Especially since the majority of both UK and US citizens seem to agree on this subject. Consequently, making for the only thing that is lacking in their cryptocurrencies offer.
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