As Its First Step Into The European Union, PayPal Has Started Offering A Crypto Service In Luxembourg

The move comes after the crypto service was initially released in the United States in 2020 and then expanded to the United Kingdom the following year.

According to the payments company, PayPal, its cryptocurrency service will be expanded to Luxembourg “in the next days.”

The business announced that in the “coming days,” eligible clients will be able to buy, sell, and keep crypto-assets in their PayPal accounts via the website or mobile app. ETH, BTC, LTC, and BCH. Ethereum is one of the most reliable decentralized blockchains. It has its own currency, Ether, and many Dapps have been built on top of it. The website or mobile app lets users, for just €1 worth, to buy Bitcoin using PayPal, linked bank accounts, or EU-issued debit cards. Now traders will be able to buy and sell Ethereum with ease using PayPal. Users can now buy Ethereum with Paypal more easily than ever. 

PayPal started offering services for bitcoin in the US in 2020 and in the UK the year before.It says that this is the first time it has brought its cryptocurrency service to a country in the European Union.

Once the Markets in Crypto Assets (MiCA) rule is put into force, the European Union headquarters of PayPal, which is located in Luxembourg, has the potential to act as a gateway for the other 26 countries that are part of the union. Through a method known as “passporting,” this legal framework is supposed to provide businesses that are registered in any one of the EU’s member states with the authority to provide their services to customers located in other member states. Binance and Coinbase are two cryptocurrency exchanges that have followed this strategy in recent months.

The most recent registrations in Italy came from Nexo and Gemini.

Jose Fernandez da Ponte, Senior Vice President and General Manager of Blockchain, Cryptocurrencies, and Digital Currencies at PayPal, had this to say in response to the recent development: “Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible.” He continued: “We are committed to continuing to work closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

After launching the cryptocurrency service for the first time in the United States in 2020 and then expanding to the United Kingdom the previous year, the company has now expanded into Luxembourg. Customers will be able to buy, sell, and hold Ethereum and other cryptocurrencies as soon as they become available, starting at a price of 1 euro (1.05 dollars).