PayPal has announced that they are launching their cryptocurrency service in the UK starting this week. It marks the the first international expansion of PayPal’s crypto product, which first launched in the U.S. in October last year.
“It has been doing really well in the U.S.,” Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies, told CNBC. “We expect it’s going to do well in the U.K.”
In the UK, PayPal’s service will rival that of established cryptocurrency exchanges such as Coinbase Global Inc (COIN.O), as well as fintech startups such as Revolut.
Customers will be able to buy bitcoin, ether, litecoin, and bitcoin cash through their PayPal wallets online or on the mobile app.
The move comes as more established financial companies have started offering their clients, both consumers, and institutions, access to digital assets, amid rising cryptocurrency prices.