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PayPal Launches Crypto Exchange Service

Digital financial giant Paypal has launched a cryptocurrency service that allows customers to buy and sell the four most popular cryptocurrencies. The service was rolled out in the US in October 2020, but from 23 August has been available in the UK.

New Scientist reports that UK users will not be able to use the service to buy goods or pay for services, although US users will be able to use their balances for payments anywhere that accept PayPal.

The crypto trading service was launched on 20 October 2020, limited to the United States. It allows PayPal users to buy or sell cryptocurrencies, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

However, Jose Fernandez da Ponte, the vice president and general manager of PayPal wanted the service to have a much wider reach and expand across the world, leading to the launch of its crypto service in the UK on 23 August.

Now, PayPal users from the UK can buy, hold, and sell cryptocurrency.

According to a PayPal press release, the launch ‘marks the first international expansion of PayPal’s crypto service beyond the US.’

PayPal has even bigger plans in the pipeline, and the crypto service will soon offer more than just bitcoin, as it wants to become a distributor of Central Bank Digital Currencies (CBDC), the government’s answer to cryptos.

Nigel Green, from financial services company deVere Group, says he is confident that cryptocurrencies will eventually replace traditional money, and that the launch of PayPal’s crypto service is “yet another example that exposes cryptocurrency deniers as being on the wrong side of history”.

“This is a major step forward towards the mass adoption of digital currencies,” he says. “More and more payment companies will naturally follow their lead.”

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