On September 18, PayPal officially announced that all eligible customers in the United Kingdom would be able to buy, hold, and sell cryptocurrencies using their PayPal accounts. With the announcement, it was said that traders in the country would now be able to trade four major cryptocurrencies, including Bitcoin, Ether, Litecoin, and Bitcoin Cash.
As it was announced by the company, only the customers who have verified their identities will be granted the right to trade cryptocurrencies on PayPal. The official announcement about PayPal’s goals to move into the cryptocurrency market in the UK was made in August.
Right after the announcement, the company continued with a partial rollout of crypto trading services for locals. This is the first expansion of the cryptocurrency trading of this giant company in the crypto services beyond the United States.
The representatives of PayPal have said that they are interested to see and observe how the customers are using the new offerings of the company before rolling out more features and functions.
The step taken by PayPal is very important for the UK, as many of the local banks in the country announced to be cutting payment channels to exchanges in the country. For example, last month, a giant banking company in the country called HSBC announced that it would be suspending credit card payments to Binance, one of the leading crypto exchanges around the world.
The bank cited concerns about possible risks for their customers as the main reason for their decision. Other giants in the country including Barclays and NatWest previously have blocked transactions to Biannace citing the same reasons.
UK and crypto trading
People in the UK are very interested in the crypto trading market. This is especially true for the younger generation of the country, who are following the developments in the industry very closely.
The recent step taken by PayPal will help Britons have better access to the crypto trading market which is very important for the further development and growth of the crypto industry in the country.
There are many different reasons behind the increasing bitcoin popularity in the country. First of all, easy access to trading services is something that is appreciated by many. All you need in order to become part of the crypto trading market is to find a crypto exchange and open a trading account with them.
However, recently, because of the steps taken by some of the biggest banks in the country, it was becoming very hard for traders to find ways to deposit funds on their trading accounts. Thanks to the recent step taken by PayPal, this is going to get a lot easier.
Apart from that, trading is made even easier thanks to the crypto trading robots that help you trade cryptocurrencies in a more efficient way. You can simply set up your bitcoin trading bot and let it not only analyse the market but actually trade cryptocurrencies as well. This lets traders go on with their regular day while also receiving profits from crypto trading.
Another very important reason for crypto popularity is the way they work. Many believe that bitcoin might be safe from a global stock market crisis due to its lack of integration with traditional finance. Because of this, it simply can’t be forcefully sold to cover financial losses. Many experts believe that because of this, the bitcoin price might not collapse even in a huge stock market meltdown.
Bitcoin and global adoption
Bitcoin is by far the most popular cryptocurrency in the market. However, the recent developments in the market show that its popularity is only going to increase in the coming years. Recently, El Salvador officially adopted bitcoin as a legal tender in the country, meaning that people will be able to use bitcoin for anything they want to.
This shows how bitcoin popularity is increasing around the world and thanks to such developments the cryptocurrency is closer to the widespread, mainstream adoption that has been anticipated for a very long time now.
The step taken by PayPal will further help bitcoin adoption to increase in the UK. Up until now, the only country where the same service was available was the USA. It is very likely for the company to continue the expansion of this trend in the future as well, making crypto trading even more accessible for everyone.
Many experts in the UK said that Paypal’s British crypto launch is a very important development for the country. The CEO of Stasis, which is a tokenisation firm, Gregory Kumov, said that the recent decision of PayPal is a breath of fresh air for local traders in the country. He also said that because the UK is among the top 10 economies around the world, such a step is very likely to drive further adoption of cryptocurrencies in Europe as well as other parts of the world.
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