- Paypal is coming up with a purchase, sell and hold crypto feature in Luxembourg.
- The move will enable the company to take crypto services in the EU after MiCA law.
- The first crypto service was launched by the company in 2020.
Today NFT News, in October, reported PayPal filed trademarks for NFT and metaverse offerings. Before that, the company allowed Bitcoin, Ethereum, and other crypto transactions. The payments giant also created buzz while joining the TRUST network to comply with the digital assets Travel rule.
Now, according to recent news, PayPal will enable its customers in Luxembourg to purchase, sell, and hold Bitcoin Cash, Ethereum, Litecoin, and Bitcoin in their accounts. Having said that, customers will get to explore the wide crypto market on a platform that’s trustworthy and safe.
The company explained that adding Luxembourg is a crucial move in their mission to make digital currencies more approachable. Continuing, PayPal shared their commitment to work in alliance with policymakers and regulators in Luxembourg with an aim to carve the role digital currencies will perform in the future of commerce and finance.
The firm launched its new features in June and enabled users to move crypto between other wallets and PayPal.
SVP and GM of blockchain, crypto, and digital currencies at PayPal, Jose Fernandez da Ponte, shared how to create an even more comprehensive and successful financial system by adding a way to send, receive, and transfer cryptocurrencies.
The firm has plans to allow FAQs and educational content for customers to help them have a better understanding of both opportunities and risks that follow cryptocurrencies.
PayPal released crypto business service initially in 2020 in the US followed by growing into the UK the next year.