The cryptocurrency service, which was launched in the U.S. in October 2020, will allow U.K. citizens to purchase cryptocurrencies and hold them in their Paypal accounts. This will be Paypal's first foray into offering cryptocurrency services outside the U.S.

Paypal Expands Crypto Business to U.K.
Paypal, the multimillion-dollar payment processor, announced the expansion of its cryptocurrency-based services to the U.K., starting this week. According to reports, the offer will be similar to the one available in the U.S. Paypal will allow U.K. citizens to purchase four cryptocurrencies from its platform: bitcoin, bitcoin cash, ethereum, and litecoin.

Paypal expects the demand for the service to be high, similar to the response so far from its U.S. crypto initiative. Jose Fernandez da Ponte, PayPal's general manager for blockchain, crypto, and digital currencies, stated:

It has been doing really well in the U.S., we expect it's going to do well in the U.K.

Paypal's service will keep using Paxos as one of their key partners to offer this functionality. Paxos is a regulated cryptocurrency company based in New York. According to CNBC, the company has already contacted regulators in the U.K. regarding this service, to ensure compliance with current laws.