Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are the first coins that will be available for PayPal users in Luxembourg to trade and hold.
The company said:
“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.”
PayPal is known for its steadfast stance and undying belief in the future of the cryptocurrency industry. Trading services as well as cryptocurrency support have been implemented by the fintech giant quite early, starting in the US market in October 2020 and encroaching on the UK a year later.
However, it was not until June of this year that PayPal allowed the transfer of crypto to other wallets and exchanges, as requested by the majority of customers. In addition, there have been rumors that PayPal is developing its own stablecoin, backed by USD.
Meanwhile, its rival, Visa is no less competitive in the cryptocurrency race. The payments mogul applied for trademark protection for crypto wallet products and services, NFT, and metaverse in October.