Financial service behemoth PayPal has announced expanding its crypto service to Luxembourg soon in its first foray into the European Union (EU).
According to an update shared by the company, the service will be made available in the “coming days,” following which eligible customers will be able to buy, sell and hold crypto-assets in their PayPal accounts via the website or the mobile app.
- Initially, support will be rolled out for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
- Users can start by purchasing as little as €1 of crypto through the platform via the website or the mobile app using their PayPal balance, linked bank accounts, or EU-issued debit cards.
- PayPal’s cryptocurrency services were first launched in the United States in 2020, followed by last year’s expansion to the United Kingdom.
- Commenting on the development, Jose Fernandez da Ponte, SVP and GM, blockchain, crypto & digital currencies, PayPal, stated:
“Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible. We are committed to continuing 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.”
- As lawmakers prepare to vote on Europe’s landmark Markets in Crypto Assets (MiCA) regulation next year, industry experts believe that the upcoming regulatory regime could create an easier environment for exchanges to operate in.
- The latest move comes months after PayPal announced support for the native transfer of crypto-assets between the platform and other wallets and exchanges. In short, it allowed the withdrawal of Bitcoin and Ethereum to personal wallets.
- Besides, the American multinational company also revised its Seller Protection program to exclude non-fungible token (NFT) transactions that surpass $10,000 earlier this year.