LONDON — PayPal is launching its cryptocurrency service in the U.K.
The U.S. online payments giant said it will now let British customers buy, hold and sell digital currencies.
It marks the first international expansion of PayPal’s crypto product, which first launched in the U.S. in October last year, CNBC reported.
“It has been doing really well in the U.S.,” Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies, told CNBC. “We expect it’s going to do well in the U.K.”
PayPal’s crypto feature lets customers buy or sell Bitcoin, Bitcoin cash, Ethereum or Litecoin with as little as £1. Users can also track crypto prices in real-time, and find educational content on the market.
Like the U.S. version of the product, PayPal is relying on Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the U.K. PayPal said it has engaged with relevant U.K. regulators to launch the service.