US payment giant PayPal has launched its cryptocurrency service in the United Kingdom.
From today, UK users will be able to buy, hold and sell digital currencies.
Paypal started its crypto operations in the US in October last year, and announced last month that it would soon do the same across the Atlantic.
Relying on Paxos
PayPal is relying on Paxos – a New York-regulated digital currency company. Paxos represents a family of protocols for solving consensus in a network of unreliable or fallible processors.
Consensus is the process of agreeing on one result among a group of participants. This problem becomes difficult when the participants or their communications may experience failures.
The official website says customers “can buy, sell and hold cryptocurrency through PayPal’s cryptocurrency service, but they can’t use it to send cryptocurrency. Purchases and sales of cryptocurrency aren’t reversible and cannot be changed”.
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