In the United Kingdom, PayPal has launched cryptocurrency buying and selling

PayPal announced on Monday that users in the United Kingdom will be able to purchase, trade, and store Bitcoin and other cryptocurrencies starting this week.

The launch, which is the first time PayPal's cryptocurrencies services have been offered outside of the United States, could encourage further general acceptance of the new asset class.

Early this year, PayPal opened cryptocurrency buying and selling in the United States, eventually allowing clients to utilize their digital coin holdings to purchase at PayPal's network of millions of merchants.

"We are committed to continue working closely with regulators in the UK, and around the world, to offer our support — and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce," Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.

Customers will be able to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash using their PayPal wallets, either online or through the PayPal mobile app.

With over 400 million active accounts globally, Paypal is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.