Beginning this week, residents of the United Kingdom will be capable of purchase, maintain and promote cryptocurrencies by way of PayPal for the primary time — marking a big milestone for an organization that started providing digital asset services lower than a yr in the past. 

The international funds supplier introduced Sunday that U.Okay. customers will quickly have entry to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) by way of PayPal’s web site and cellular app. The announcement marks the primary growth of PayPal’s cryptocurrency services past the United States — a service that first launched in November of last year.

Jose Fernandez da Ponte, a senior govt for PayPal’s crypto division, cited the “digitization of money” in the course of the pandemic as one of many major motivations for coming into crypto within the first place. He continued:

“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency.”

By providing its cryptocurrency services to U.Okay. residents, PayPal might play a task in growing publicity to digital belongings within the nation. It’s reported that, amongst all European nations, PayPal penetration is highest within the United Kingdom at over 2 million month-to-month lively customers.

Related: PayPal reportedly assembling crypto team in Ireland as Bitcoin adoption grows

Rumors about PayPal’s crypto growth plans have been circulating since final month when CEO Dan Schulman informed buyers that the U.Okay. is prone to get the service quickly. As Cointelegraph reported, the corporate can be eyeing developments in decentralized finance, or DeFi, which is a potential precursor to future integration plans.

On the regulatory entrance, the U.Okay.’s Financial Conduct Authority, or FCA, is more and more cracking down on cryptocurrency exchanges that don’t meet its registration necessities. Binance’s U.K. operations were shuttered earlier this summer season after the FCA warned the trade it was not permitted to supply regulated buying and selling exercise within the nation. PayPal’s da Ponte mentioned his firm is “committed to continue working closely with regulators in the U.K. and around the world” in rolling out its crypto choices.