Financial payment giant, Paypal has announced the expansion of its crypto service into Luxembourg, one of the world’s leading financial centers as it plans entry into the European market.
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According to a press release by Paypal, the services will be launched in the coming days. Also, Paypal is working with regulators and policymakers in Luxembourg to create a suitable policy for the investors, Paypal, and the country.
Once launched, customers who have Paypal accounts will be able to buy, trade, and hold Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and BTC cash in their account using the website or the mobile app. Interestingly, the country’s vision to make digital currencies more accessible is coming to light with the incorporation of PayPal.
In addition to other benefits, eligible customers will have to log into their PayPal account to be able to access the cryptocurrencies available as well as make purchases.
The new feature will also allow customers to swap payment options to their preferred amount thereby making use of either their balance, linked bank account, or issued debit cards to make payments.
Interestingly for Paypal, its entry into Luxembourg is the financial service behemoth’s first foray into the European Union. With this entry, the payment platform further strengthens its foothold in the digital currency ecosystem as the broad acceptance of crypto and blockchain-linked services continue to soar.
Paypal continues to push with crypto-related products
Earlier in the year Richard Nash, the Vice President of Paypal reiterated the payment platforms plan to float a wider range of products bordering on crypto and blockchain technology. The platform first began its crypto offerings in the United States back in 2020 after which it expanded into the UK.
Additionally, the English city of Portsmouth has partnered with the payment giant to allow its residents to make payments in cryptocurrencies which will then be converted into fiat currency at the point of transaction thereby ruling out the volatility inherent in digital currencies. Meanwhile, Paypal filed for three trademark applications in October. Notably, the filing covers its overlapping p’s logo amongst other services
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