Payment services provider Paypal has announced the launch of cryptocurrency buying, selling and custody services for its Luxembourg customers. For now, only Bitcoin and three other cryptos will be supported by Paypal in Luxembourg. Similar services are already in place in the United States and the United Kingdom.
Buy, sell and keep your cryptos with Paypal in Luxembourg
Payment services provider Paypal is taking another step into the crypto ecosystem. In a public statement, Paypal announced, among other things, the expansion of its activities to cryptocurrency-related services in Luxembourg.
With this new feature, Paypal customers in Luxembourg will be able to buy, sell and hold crypto. For now, only 4 cryptocurrencies are concerned by this offer: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
In addition, Paypal is offering educational content about cryptocurrency for Luxembourg residents.
The introduction of this service offers Luxembourg customers a new way to explore cryptocurrency in the PayPal environment. It also gives Luxembourgers access to educational content to better understand the opportunities and risks associated with cryptocurrencies.Paypal
Access to crypto services for Paypal customers in Luxembourg will be as easy as fast. They will simply be able to log into their Paypal account and click on the crypto tab. They will then be able to choose in one click the crypto they want to use (at least 1 €).
In addition to their PayPal balance, customers will be able to make crypto transactions via linked bank accounts or debit cards issued by the European Union.
As a reminder, Paypal is one of the traditional financial players that understands the power of cryptocurrency and promotes its use. Beyond the services of buying, selling and keeping the crypto, Paypal accompanies some actors working to integrate the crypto in their activities. This is notably the case in the state of Colorado where taxpayers are using Paypal to pay their taxes in crypto.
Luxembourg, a strategic choice
This is not the first time Paypal has launched crypto buying, selling and custody services. Long before Luxembourg, Paypal had already launched similar services in the United States in 2020 and in the UK in 2021. The choice of Luxembourg is strategic for the payment provider Paypal.
Indeed, Luxembourg is one of the important global financial centers. Moreover, the country stands out in innovation, so it is a favorable climate to strengthen access to digital currencies. Paypal intends to collaborate with the country’s authorities to take full advantage of Luxembourg’s financial and technological progress.
The addition of 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 make a meaningful contribution to shaping the role that digital currencies will play in the future of global finance and commerce.Paypal
Paypal’s crypto buying, selling and custody services could boost access to digital currencies in Luxembourg. The impact would be even greater if these services were to expand to multiple states. This is also an indicator of the success of similar services previously launched in the US and UK. It’s also proof that crypto is moving forward despite strong criticism. If Bitcoin were a failure and on the way out as some banks and economists say, experienced business operators like PayPal would not be getting involved.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.