Paypal opens its cryptocurrency platform for UK customers

Cryptocurrency initially started as a hype, but at present it has taken a lot of space in people’s everyday lives. It is the legal currency of El Salvador and it is now a widely accepted mode of payment in different countries.

 

The UK, and USA government has given a nod to payments in cryptocurrencies. Most of the tech giants including Apple are open to payments in bitcoin. Other companies like Microsoft, AXA and Starbucks are also accepting payments in bitcoin. 

 

Various cryptocurrency platforms like Coin DCX, WazirX and Coindesk are dominating the cryptocurrency market. Now Paypal is also about to climb the cryptocurrency bandwagon soon. Paypal will soon launch the cryptocurrency trading platform for its customers in the UK. 

 

(Related Blog: What is Cryptocurrency?)

 

Cryptocurrency Platform

 

The newly launched cryptocurrency platform will allow buying, selling and holding of some popular cryptocurrencies like Bitcoin, Ethereum, Litecoin and Bitcoin cash. The platform will also serve as an information hub for crypto enthusiasts. 

 

Users can read about their favourite cryptocurrencies, they will also get a chance to estimate the future values of their favourite cryptocurrencies. Only the customers with verified Paypal accounts will be able to use the cryptocurrency platform. 

 

According to Gadgets 360 Jose Fernandez da Ponte, PayPal Vice President and General Manager of blockchain, crypto, and digital currencies, said the company's global reach and digital payments expertise provide it a “unique opportunity” to help people in the UK to explore cryptocurrency.

 

Paypal, primarily focuses on money transactions across boundaries. This new step has to be taken to expand its customer base. At present 300 million customers are using Paypal. As the trade in cryptocurrencies is finally taking over the day to day transactions, different companies are looking forward to expanding their customer base. 

 

(Must Check: The Success Story of PayPal)

 

People in the UK can now cryptocurrencies in 1 euro, people willing to trade in cryptocurrencies can use debit/credit cards to make transactions in the cryptocurrencies. 

 

Users can open a free account on Paypal’s cryptocurrency platform; there is no fee required for holding cryptocurrencies. 1.5 million people are directly/indirectly trading in cryptocurrencies. Paypal will expand the services of this platform to other countries.