PayPal Introduces Cryptocurrency Services For Users in the UK

Cryptocurrency is currently the world-leading innovation with different giants of various sectors making huge crypto investments. A recent market survey has revealed that crypto investments and crypto exchanges have become key contributors to global financial systems. This implies that the profitability in the cryptocurrency market is increasing causing major firms to give attention to crypto. One of such firms is PayPal, a global financial platform that supports the sending and receiving of money and is also majorly used for payments. Just recently, the fintech company announced that all its users in the UK who are eligible can now purchase, sell and own crypto assets much to their delight. This is a positive development that would further increase user preference for the company and increase global utility. 

Given that it is a recent introduction, just a few cryptocurrencies have been listed on the platform. The listed cryptos are all popular ones which include Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. Such development just shows how much the world is embracing cryptocurrency and how well global financial systems are becoming integrated with crypto. The expansion of crypto is one development that no one wishes to be left out from obtaining maximum benefits and rewards. 

PayPal first began cryptocurrency operations and transactions in October last year with the feature being introduced in the United States. Presently, all its users in the US and the United Kingdom have access to cryptocurrency and can now transact on the platform with cryptos. PayPal’s crypto service was initially planned to be launched in February but due to certain issues, it was delayed. Currently, the firm no longer offers monetary services alone but also provides crypto services for users in the United States and the UK which according to the company is a step into the future. 

PayPal And Cryptocurrency Feature

Having observed the current market trend and rapid expansion of cryptocurrency globally, money-sending giants PayPal have ventured into the provision of crypto services to users In both the UK and the US. This is because the opportunities introduced in cryptocurrency especially by decentralized finance systems are numerous with several companies scrambling to capitalize on them.  This recent move by PayPal to provide crypto services in the UK is a move by the firm to contribute to the development of global crypto growth. Earlier in July, the company opened up several job positions which were strictly related to cryptocurrency in Ireland preceding its recent introduction of crypto in the UK. 

Cryptocurrency And Its Future Outlook 

It is being projected that in the coming years, cryptocurrency will replace fiat currency globally even as several countries have begun work on the development of CBDC. Experts project that with the current speed and rapid expansion of cryptos, fiat currency might be a thing of the past in 2050. This is coming even as El Salvador recently adopted Bitcoin as a legal tender and as an accepted means of payment and receiving money within the country.