If other companies are already taking steps to delve into cryptocurrencies, financial services giant PayPal is also refusing to be left behind in expanding its crypto services to the European Union (EU) by opening its latest branch in Luxembourg.
Be informed that the company will allow customers to buy, sell and hold their respective digital assets in PayPal accounts through the website or mobile application.
Users are also able to start buying crypto for as little as €1 using their PayPal balance, bank account or debit card issued by the EU.
However, it should be noted that users can purchase only a few digital assets following PayPal only supporting cryptos such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) at the beginning of its renewal phase.
While the company is confident that the expansion of its services to Luxembourg can give PayPal success to make digital currency more accessible than other companies, commented Jose Fernnadez de Pontez, PayPal's Vice President of Global Business Development.
He added that PayPal will always work with the country's regulators and policy makers to develop the future of finance and global commerce through growing crypto.
Paypal is also understood to have taken the action after its platform allowed crypto transfers that approved the withdrawal of BTC and ETH to private wallets.
In general, the company launched its first crypto service in the United States (US) in 2020 and then the United Kingdom (UK) last year.
