PayPal is making headlines regarding its foray into cryptocurrencies. Just a few months ago, the company tentatively introduced support for Bitcoin in the US. However, today, things look very different, especially for users in the United Kingdom.
PayPal Brings Crypto To The UK
It is not too surprising to see PayPal expand its cryptocurrency offering. The concept of acquiring Bitcoin through the popular payment provider is appealing. More people use PayPal’s services than Bitcoin. Bringing the two together is meaningful and helpful for long-term crypto industry growth. Moreover, the UK is still a fintech hub and one of the biggest financial centers in the world.
As global interest in Bitcoin appears to increase again, the news comes at a good time. Making it easier for people in the UK to buy bitcoin is beneficial. The region is home to popular providers such as CoinCorner, Bittylicious, and other platforms. However, PayPal’s support can open many doors that remain closed otherwise.
However, the foray doesn’t end there. PayPal is not just rolling out support for Bitcoin. The team also enables support for Litecoin, Ethereum, and Bitcoin Cash. Three of these four assets are worth looking into, whereas the fourth is an offshoot. However, users will receive educational content on all supported currencies later this week to make a well-educated decision. Customers can purchase these assets with 1 GBP or more in their account.
The expansion to the United Kingdom is the first international foray for PayPal and its crypto services. It will not be the last one either. Demand for cryptocurrencies is rising again globally. Even though users cannot move their crypto holdings outside of PayPal’s ecosystem yet, that may change in the future. Lowering the entry barriers to Bitcoin and other cryptocurrencies will benefit the payment processor.
What Comes Next?
Some people wonder where PayPal’s launch in the UK will offset the Bank of England‘s plans. More specifically, the BoE aims to create a central bank digital currency for the United Kingdom. Dubbed as “BritCoin”, the effort is still underway, according to our sources. However, facing stiff competition from cryptocurrencies that central banks or governments don’t control will not benefit BritCoin in the slightest.
As Bitcoin gains more traction, efforts by central banks to retain control over the monetary system will ramp up. Banks and governments would prefer not to let consumers taste financial freedom. The rise of Bitcoin and other cryptocurrencies shows the growing demand for solutions that involve no intermediaries. The battle for financial supremacy in the UK now enters a new stage.
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