PayPal initiates crypto function in the UK

American payment giant PayPal has launched its cryptocurrency service in the UK.
From now on, users in the UK can buy and sell digital currencies.
Paypal started its encryption business in the United States in October last year, and announced last month that it will soon launch the same business on the other side of the Atlantic.
Jose Fernandez da Ponte, Head of Encryption and Blockchain at PayPal, said the move “is going well in the United States.”
UK users can now buy or sell Bitcoin, Bitcoin Cash, Ethereum and Litecoin for 1 pound. Customers can also track encryption prices in real time and access encryption guides.
relies on Paxos
PayPal relies on Paxos, a digital currency company regulated in New York. Paxos represents a series of protocols used to resolve consensus on unreliable or error-prone processor networks.
Consensus is the process by which a group of participants agree on the result. This problem becomes difficult when the participants or their communication may be wrong.
CEO Dan Schulman recently confirmed that the company “will continue to be satisfied with the momentum it sees in the crypto space” and will “add incremental features.” The official website of
stated that customers “can buy, sell and hold cryptocurrency through PayPal’s cryptocurrency service, but cannot use it to send cryptocurrency. The purchase and sale of cryptocurrency is irreversible and cannot be changed.

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