Online payments giant PayPal has announced that its customers in the United Kingdom will now be in a position to trade bitcoin and other cryptocurrencies.
According to PayPal, clients will be in a position to trade from this week.
The US company will make it possible for traders to buy, sell, and hold Ethereum, bitcoin cash, bitcoin, and litecoin cryptocurrencies.
Bitcoin Prices Have Soared After PayPal’s Announcement
PayPal plans to continue the service available to its 403 million clients by the end of this year.
Traders will also be able to track how the prices of cryptocurrencies are moving up or down. In addition, users will also be allowed to have access to educational content pertaining to the cryptocurrency niche.
Earlier in the year, the US-based tech giant opened its doors for US clients to access services related to crypto.
The company’s foray into the UK market has already added more energy into a cryptocurrency industry that has been on an upwards trend. On Monday, bitcoin prices rose to above $50,000. This is the highest price in three months.
“We are committed to working closely with regulators in the UK to offer our support.” said Jose Fernadez. Vice president for blockchain and cryptocurrencies at PayPal.
PayPal a Welcome Addition in the Crypto Market
Crypto industry experts have welcomed PayPal’s move, as they are aware that the influx of potentially new millions of investors in the cryptocurrency area could help drive the price of bitcoin even higher.
Last year, when PayPal first made public its plans to wade into the crypto market. Bitcoin’s price rose to a year’s high of approximately $12,000.
The announcement helped spark and fuel a crypto market cap that is currently hovering above $2 trillion. The cap is currently ranking above giants such as Facebook, Amazon, and Google in terms of market value.