On Monday, in a statement PayPal Holdings Inc said, it will allow customers in the UK to purchase, hold and sell bitcoin and other cryptocurrencies from this week onwards.
The roll-out marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States; it could potentially trigger the mainstream adoption of cryptocurrencies as a new asset class.
San Jose, California-based PayPal, which has more than 403 million active accounts globally, is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.
Earlier this year, PayPal launched the buying and selling of bitcoin in the United States enabling customers to use their digital coin holdings to shop at merchants on its network.
“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role of digital currencies will play in the future of global finance and commerce,” said Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal.
After the rollout, customers will be able to either purchase bitcoin, ether, litecoin and bitcoin cash through their PayPal wallets online or on the mobile app.