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PayPal Expands Crypto Trading to UK

PayPal Holdings expands its cryptocurrency services outside of the U.S., allowing customers in the U.K. to trade Bitcoin and other cryptocurrencies.

PayPal Holdings  (PYPL) - Get PayPal Holdings Inc Report has expanded its cryptocurrency services outside of the U.S., allowing customers in the U.K. to buy, sell and hold Bitcoin and other cryptocurrencies beginning Monday.

The San Jose, Calif., online payment services provider's U.K. crypto services launch marks its first international expansion, which it hopes will lead to further global use of virtual coins and other digital currencies that may be developed by corporations and central banks, according to a Sunday Reuters report.

PayPal in March began offering cryptocurrency buying and selling in the U.S., allowing customers to use digital currencies to shop at merchants on its network. 

"We are committed to continue working closely with regulators in the U.K. 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," Jose Fernandez da Ponte, PayPal's vice president for blockchain, crypto and digital currencies, said in a statement, according to Reuters.

PayPal shares on Friday rose 0.9% to $272.96 at closing. The stock was up slightly to $273.05 after hours.

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The payments processor reported non-GAAP earnings of $1.15 a share on revenue of $6.24 billion for its latest quarter. PayPal had been expected to report earnings of $1.12 a share, on sales of $6.3 billion, based on a FactSet survey of 38 analysts.

In the same period a year ago, the company posted earnings of $1.07 a share on sales of $5.3 billion.

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