PayPal launches its cryptocurrency service in the UK

On Monday, The US online payments giant would let British customers buy, hold and sell digital currencies, starting this week.

It marks the first international expansion of PayPal’s crypto product, which first launched in the US in October last year.

“It has been doing really well in the US,” Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies. “We expect it’s going to do well in the UK”

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 US version of the product, PayPal is relying on Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the UK PayPal said it has engaged with relevant UK regulators to launch the service.

A spokesperson for the Financial Conduct Authority, Britain’s financial services watchdog, was not immediately available for comment on the announcement.