PayPal recently announced that it will allow customers in the U.K. to buy, sell and own bitcoin and other cryptocurrencies.

PayPal wants to promote the worldwide use of virtual coins and at the same time prepare its network for new digital currencies that could be developed by companies and central banks.

PayPal’s latest move marks the company’s first international expansion of its cryptocurrency services outside the United States, as it hopes to gain global reach in this direction after initially starting buying and selling cryptocurrencies in the U.S. earlier this year.

PayPal’s service is expected to compete with established cryptocurrency exchanges such as Coinbase, fintech startups such as Revolut and others.

However, the move became essential as more established companies offered clients, customers and institutions access to digital assets.

PayPal’s new initiative will enable customers in the U.K. to buy bitcoin, litecoin, and bitcoin cash through their PayPal wallets online or via the mobile app.

For more information, read the original story in Reuters.