PayPal has launched its crypto services in Luxembourg. The expansion will see verified citizens of Luxembourg access PayPal to buy, sell and hold cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash using PayPal accounts on the web or the mobile app.
According to Paypal, Luxembourgish customers will use the familiar PayPal tools they know and trust to carry out crypto transactions and access educational materials that will enlighten them on the risks and opportunities related to cryptocurrencies.
Furthermore, the company’s cryptocurrency services that’s been launched in the U.S. and UK in 2020 and 2021, respectively will allow citizens of Luxembourg to buy for as low as €1. Details show that these transactions can be done directly from the customer’s PayPal balance, linked bank accounts, or EU-issued debit cards.
Making crypto accessible
Speaking about the expansion of PayPal to Luxembourg, Jose Fernandez da Ponte, SVP and GM, Blockchain, Crypto & Digital Currencies, PayPal explained that bringing Luxembourg into its system is vital for PayPal to increase the accessibility of digital currencies around the world.
“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,” he added.
Luxembourg is one of the European countries that have acknowledged the essence of blockchain technology and cryptocurrencies in particular. According to a report, the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg created an Innovation Hub to foster ideas around blockchain development and financial innovation. The country’s Minister of Finance, Mr. Pierre Gramegna, has iterated the benefits of cryptocurrencies to the nation.
PayPal, which started in 1998 in the US, is a registered Virtual Asset Service Provider (VASP) in Luxembourg. It currently has over 400 million users around the world.