PayPal is Set to Allow UK-based Users Buy and Sell Crypto on the Platform.

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PayPal said on Monday that this week it will allow UK consumers to buy, hold and sell cryptocurrencies via an online payment platform for the first time.

The expansion of the hot digital money trend follows a similar move by the US payments giant earlier this year.

The US company says its new service will allow customers based in UK to choose between four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

They will be available through the PayPal app and their website, with expansion starting this week and available to all eligible customers over the next few weeks.

A new cryptocurrency section will be added to its platform that will display currency exchange rates in real time, PayPal said.

“The pandemic has accelerated digital transformation and innovation in all aspects of our lives, including the digitisation of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, of PayPal.

He added that the company hopes the new offering will “help British people explore cryptocurrencies.”

“We look forward to continuing to work closely with regulators in the UK and around the world to offer our support and make a significant contribution to shaping the role digital currencies will play in the future of global finance and trade.”

In April, Venmo, PayPal’s mobile payment service, began allowing US consumers to buy, hold, or sell cryptocurrency using its app.

This was followed in March on PayPal itself, allowing people there to use cryptocurrency to make purchases from the millions of merchants who use the financial platform for online transactions.

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