PayPal launches cryptocurrency offering in Luxembourg
Bitcoin and altcoins

PayPal launches cryptocurrency offering in Luxembourg

U.S. multinational financial technology firm PayPal is expanding its crypto services to Luxembourg as part of its European policy.

According to an announcement shared Thursday, the new service will allow users in the country to buy, sell and hold digital currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

PayPal is primarily a fintech company, but it pivoted into the crypto-space in 2020 with the introduction of trading in the United States. The success of this pilot launch prompted the company to launch the same trading offering in the UK last year.

Luxembourg is a country known for its strong focus on innovation and is one of the world’s leading financial centers. We are pleased to announce that we will be expanding PayPal’s crypto-services to eligible Luxembourg customers,” a statement read.

“The addition of 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 make a meaningful contribution to shaping the role that digital currencies will play in the future of global finance and commerce,” said Jose Fernandez da Ponte, SVP and GM, blockchain, crypto & digital currencies.

In the European Union, PayPal is currently headquartered in Luxembourg, giving it a soft landing in its efforts to penetrate the region.

PayPal, eligible customers can log into their PayPal account

PayPal said its crypto offering in Luxembourg is designed to make it easy for all potential users to access.

PayPal said that “to purchase cryptos, 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 available cryptocurrencies.

Customers can choose from predetermined purchase amounts or enter their own purchase amount and follow the instructions to purchase the crypto of their choice. Customers will be able to purchase crypto-currencies using their PayPal balance, linked bank accounts or EU-issued debit cards. If customers choose to sell cryptocurrencies with this new service, the funds will be quickly available in their PayPal accounts.”

The company does not charge customers for its custodial services, but buying and selling may incur fees.

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