PayPal expands its cryptocurrency services to Luxembourg

PayPal upgrades to allow eligible Luxembourg users to purchase cryptocurrencies through the platform. Luxembourg joins the United Kingdom and the United States as the third country where cryptocurrencies can be purchased through the payment app.

Last Dec. 7, Jose Fernandez da PonteSVP and GM, Blockchain and Cryptocurrency at PayPal, gave a publication In the news section to announce the new update to the cryptocurrency section of the app.. In 2020, PayPal launched a new service for buying and selling digital goods through the platform itself. Initially this system was only available to eligible users in the United States, then in 2021 the service was extended to the United Kingdom, and now the range has been further expanded.

As of yesterday, eligible users and residents of Luxembourg can buy, sell and store digital assets through PayPal. The company opted for Luxembourg because it is a country country with a strong focus on technological innovation and is one of the world’s leading financial centers.

PayPal offers its customers the opportunity to explore cryptocurrencies in a controlled environment such as its platform.. Luxembourg users will now have access to educational content to learn more about digital assets and the opportunities and risks associated with cryptocurrencies.

PayPal currently allows the purchase of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. on their account. PayPal has been responsible for creating a simple platform that simplifies the process of buying and selling assets so that any user with no knowledge of blockchain or Web3 can use it. The customer’s balance sheet can be used to purchase digital goods, as well as to linked bank accounts or debit cards issued by the EU. When any digital asset is sold, the funds will be quickly available in the user’s account.

The company is committed to continuing to work and cooperate with various regulatory authorities to ensure that its expansion of digital assets remains fully compliant. Looking forward, they plan to continue to expand both the territory in which they offer their services and the number of services they offer. Europe seems to be the current target where PayPal wants to expand.with countries such as Switzerland being the most likely territories to be considered.

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