PayPal Expands Cryptocurrency Services in Luxembourg
PayPal launched its first crypto service in 2020 in the U.S. and also rolled out a new feature in June 2022 that allowed users to transfer crypto between PayPal and other wallets.
A renowned payment platform PayPal has plans to expand cryptocurrency in Luxembourg, the payment platform will allow its customers to buy, sell and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in their PayPal accounts.
According to Jose Fernandez da Ponte, SVP and GM of blockchain, crypto, and digital currencies at PayPal he stated:
The introduction of this service offers Luxembourgish customers a new way to explore cryptocurrency in the PayPal environment they know and trust and provides customers access to educational content to help answer commonly asked questions and better understand the opportunities and risks associated with cryptocurrencies. Once available, eligible customers will be able to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their PayPal accounts via the website or the mobile app. PayPal’s cryptocurrency services were first launched in the U.S. in 2020 and expanded to the U.K. in 2021.
PayPal launched its first crypto service in 2020 in the U.S. and also rolled out a new feature in June 2022 that allowed users to transfer crypto between PayPal and other wallets.
Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible. 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. said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto and digital currencies at PayPal.
The payment platform says it will not charge the customers for the custodial services, but buying and selling will attract fees.
