PayPal is launching cryptoservices in the United Kingdom. Starting Monday, local verified users of the platform will have access to tools for buying, selling and storing digital assets. Amid the launch of PayPal's cryptoservices in the U.K., the market for digital assets went up.

Recall that the first opportunity to buy, sell and store cryptocurrencies with the services of PayPal in October 2020 received the American clients of the payment system. On the background of the launch of the initiative the company managed to record a record profit.

The United Kingdom became PayPal's first market for the expansion of cryptoservices outside of the U.S. What other areas the company's representatives are considering to expand the initiative is unknown.

According to media reports, users of the payment system in the UK will have access to tools for conducting transactions and storing four cryptocurrencies:

    Bitcoin (BTC).
    Ethereum (ETH).
    Litecoin (LTC).
    Bitcoin Cash (BCH).

PayPal was helped by blockchain startup Paxos to launch cryptoservices in the UK. The companies have been working together for more than a year.

There are restrictions on the purchase of cryptocurrencies for users of the payment system in the UK. The minimum amount of investment in digital assets is £1 or $1. The maximum is set at £15,000 per week. During the year British users of PayPal will be able to buy cryptocurrency worth £35,000. For comparison, the limit on the purchase of digital assets in a week in the U.S. for customers of the payment system is set at $100,000.

The media drew attention to the fact that at the moment users of PayPal are not able to withdraw cryptocurrency to third-party wallets. According to the team of the payment system, the company is studying the possibility of providing such tools.

PayPal blockchain and digital asset manager Jose Fernandez da Ponte told CNBC that the cryptoservice has proven to be in demand in the United States. The payment system team hopes to replicate the success of the initiative in the U.K.

Amid the news of PayPal's cryptoservices expansion, the company's shares went up at the premarket.

Recall, earlier representatives of the payment system noted that they plan to earn $2 billion on cryptocurrencies by 2023.