PayPal plans to expand crypto offering into UK

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ryptocurrencies have been “threatening” to take the world by storm for the past few years, but will they ever become mainstream?

In February, it was reported that PayPal plans on making its crypto products available in the UK in a few months’ time.

This is the first time that the company is making the offering available outside of the US. The move will enable customers in the UK to purchase, hold and sell virtual currencies.

Initially, PayPal will support Bitcoin, Ethereum, Bitcoin Cash and Litecoin, which can be used for purchases from sellers accepting PayPal. The payments giant also plans to offer crypto for Venmo wallet holders before the end of the second quarter of this year.

PayPal’s announcement comes as the UK cryptocurrency market is maturing – according to Markets Insider, almost 200 cryptocurrency companies applied to register with the UK’s financial regulator over the last 12 months.

It seems that other payments giants across the world are also starting to tap into the crypto market. In December, American Express Ventures announced it had invested in the FalconX cryptocurrency trading platform.

In addition, earlier that month, Visa teamed up with cryptocurrency-focused finance company BlockFi to offer a credit card that lets users earn money back in the form of Bitcoin. The card issuer also offers a Bitcoin rewards debit card in partnership with crypto start-up Fold.

Mastercard also partnered with BNY Mellon to start offering customers the chance to use cryptocurrencies.

Adding to this, the bitcoin price reached a high of above $50,000 this month, taking year-to-date gains to around 70%.

This increased adoption of crypto is a hint that the sector is set to really take off during 2021, with more and more consumers investing.