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- PayPal initially rolled out crypto service in the U.S. in 2020. Then following its U.K. expansion in the previous year.
- The payment giant now moves towards a European Union country.
PayPal’s Expansion in Crypto Service
PayPal, an American multinational financial technology firm, is growing its roots in crypto service into Luxembourg. According to its Newsroom, PayPal announced that it is expanding its cryptocurrency service to eligible Luxembourgish customers in the coming days.
PayPal introduced the services like buy as little as €1 of crypto, hold and sell crypto, and choose from four cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
It must be noted that crypto is unregulated in Luxembourg thus its value can go down as well as up.
Jose Fernandez da Ponte, SVP and GM of PayPal, leads its blockchain, crypto and digital currency business unit wrote about the expansion. He penned as PayPal offers services to Luxembourgish customers in a new way to explore cryptocurrency in its environment. They provide customers access to educational content to help answer frequently asked questions and better understand the opportunities and risks associated with cryptocurrencies.
Once available, eligible customers will be able to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their PayPal accounts via the website or the mobile app.
Mr. Jose noted that adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible. They will continue to work closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.
“To purchase cryptocurrency, eligible customers can log into their PayPal account via the website or their mobile app, navigate to the new crypto tab and view the four cryptocurrencies available.”
Additionally, “Customers can choose from predetermined purchase amounts or enter in their own purchase amount and follow the prompts to purchase the cryptocurrency of their choice. Customers will be able to purchase cryptocurrency using their PayPal balance, linked bank accounts or EU-issued debit cards. If customers choose to sell cryptocurrency with this new service, funds will be available quickly in their PayPal accounts,” as per the PayPal Newsroom report.
And recently, PayPal CEO Dan Schulman said he doesn’t expect the global economy or retail activity to improve in 2023, especially with the war in Ukraine dogging Europe.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
