PayPal will let British customers buy, hold and sell digital currencies, starting this week.
with as little as £1. Users can also track crypto prices in real-time, and find educational content on the market.
Like the U.S. version of the product, PayPal is relying on Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the U.K. PayPal said it has engaged with relevant U.K. 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.PayPal's crypto service is similar to one from U.K. fintech firm Revolut. As is the case with Revolut, PayPal users can't move their crypto holdings outside the app. Although Revolut recently startedPayPal says its foray into crypto is about making it easier for people to participate in the market.
The payments processor is one of many large finance companies taking a leap into the mostly unregulated world of cryptocurrencies. Despite ongoing concerns about price volatility, consumer protection and potential money laundering in the industry, major firms including
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