PayPal Holdings Inc from now on will allow their customers in the UK to trade in cryptocurrencies starting this week.
This is the first international expansion of the American company's cryptocurrency service and could inspire the adoption of the new asset class.
The customers will be able to buy cryptocurrency through their PayPal wallets online or on the mobile app.
The company had already launched buying and selling of cryptocurrency in the US, and allowing customers to use their digital coin assets to shop at the millions of merchants on its network. The company hopes that the new initiative will encourage the global use of virtual coins. The company is actively preparing it's network for new digital currencies which may develop in the future.
Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal said, "We are committed to continue working closely with regulators in the UK, and around the world, to offer our support and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce".
The company is all set to rival against established cryptocurrency exchanges at UK such as Coinbase Global Inc and Revolut.