Its customers will be able to choose from four types of cryptocurrency: bitcoin, ether, litecoin and bitcoin Cash. A new tab will be added to the PayPal platform, displaying real-time currency prices and including information about cryptocurrencies, including potential risks, PayPal said.
The new service will begin rolling out this week and will be available via both the PayPal app and the website. The online payment giant said it hopes it will help improve understanding of how cryptocurrencies work. The popularity of cryptocurrencies has soared in recent years, despite their volatility and concerns about their environmental impact. "Pandemic has accelerated digital change 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, vice president and general manager of blockchain, crypto and digital currencies at PayPal.
He believes PayPal has a "unique opportunity and responsibility to help people in the UK explore cryptocurrency". "We are committed 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 that digital currencies will play in the future of global finance and commerce," he added.
In the US, PayPal has launched a similar service, which also allows users to make purchases from participating businesses using cryptocurrencies - a feature that has not yet been confirmed for release in the UK.
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