PayPal has announced the launch of a new service enabling UK customers to buy, hold and sell cryptocurrency.

The service, which will begin rolling out this week, will allow Brits to access cryptocurrency in a secure and responsible way, the firm said.

Customers will have the option of four cryptocurrencies – Bitcoin, Ethereum, Litecoin and Bitcoin Cash, which they can start buying for as little as £1.

PayPal said that, by accessing their account via the website or the mobile app, users can view “real-time” crypto prices, access educational content to help answer commonly asked questions, and “learn more about cryptocurrencies, including the opportunities and risks”.

The announcement marks the first rollout of its crypto offering outside the US, which launched initially last year. PayPal said it believes this form of crypto offering has potential to “become mainstream” in the UK.

Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal, said: “The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services.

“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency.

“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

In the UK, PayPal said that its new crypto offering will be “available within the next few weeks” for all eligible customers directly in their PayPal account via the website and their mobile app.

The news comes as the price of Bitcoin skyrockets, with prices of the cryptocurrency rising above $50,000 for the first time since May.

PayPal’s rollout of cryptocurrencies coincides with an increased uptake across the country, with several Scottish firms accepting it as payment.

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Aberdeen-based craft beer company OGV Taproom became one of the first brewers in Scotland to accept cryptocurrency payments for craft ale products, allowing customers to buy beer online using Bitcoin Cash, Ethereum, Litecoin and Bitcoin.

Edinburgh firm Zumo is one firm leading the way in cryptocurrency adoption in Scotland. The fintech startup has already smashed crowdfund targets and announced in July that, until 5th September, it would be running a Refer and Share programme.

As part of the programme, the Edinburgh-based firm would offer £100,000 in Bitcoin SV to new users through its cryptocurrency app.

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For more details and information on how to register for the 2021 Fintech Summit, please visit: www.fintech-summit.co.uk