Payment Giant, PayPal Will Soon Allow Its U.K Customers to Buy Bitcoin and Altcoins
Payment gateway giant, PayPal has announced that it will soon allow U.K. customers to transact in Bitcoin and other altcoins. By transaction, these customers can buy and hold various cryptos, like Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. PayPal’s much-talked-about crypto service offerings will soon come to light after weeks of rumors that the payment service may delve into the crypto world in the U.K.
Cryptocurrency Service Will be Launched This Week
The San Jose company made this announcement after prices of Bitcoin hit a record high on the Bitstamp Ex. Currently, Bitcoin is trading above the $50k mark and might reach the $55k level before the end of the month. According to the company, the cryptocurrency service would be available to customers in the U.K. this week.
José Fernandez, in his statement, assured the cryptocurrency regulators in the United Kingdom that the company will work closely to ensure that it complies with the directives of the various regulatory agencies. He also added that they would make sure they also comply with regulatory commissions around the globe and continue to offer support and contribute tirelessly to the crypto community. Fernandez hopes to shape the role of digital currencies in the money market and help make it a haven for future financial transactions.
U.K. customers will join United States customers to enjoy buying and holding cryptos seamlessly. In October 2020, PayPal rolled out its cryptocurrency feature to only selected customers. However, the company later expanded its reach to all customers after witnessing its resounding success.
It’s believed that the company’s move into the crypto world was the significant factor that caused Bitcoin’s price explosion in the last quarter of 2020. With this announcement, experts are expecting the price of Bitcoin to rise again above the $50,000 mark. The stablecoin hit a record high last week, the first time since May.
Market capitalization currently sits at $943 billion, almost a trillion dollars. If Bitcoin maintains its bearish movement, it might reach an all-time high of $64k, which it traded at predating the pandemic. It’s also on the record to maintain its positive green indicator for the second straight month after leaping to $28k in June.
Ethereum also stood its grounds in the exchange market against the dollar. At the moment, it’s trading at $3300. It’s expected that it would reach $3,400 due to PayPal’s announcement.
Fernandez also stated that PayPal wouldn’t remain static in its operations in the current markets where it’s present. It aims to penetrate other markets by expanding its digital currency services. However, we are uncertain if this would happen before the end of the year.
PayPal Plans to Launch Its Stablecoin
While the payment service giant stated its objectives in expanding its cryptocurrency operations to other markets, the company is also striving to launch its stablecoin. It further confirms that PayPal is 100% into the decentralized market. However, launching the stablecoin is still in its infancy and might take a few years before it becomes a reality.
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