PayPal Holdings Inc (PYPL.O) announced on Monday that users in the United Kingdom will be able to buy, sell, and hold 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.

The San Jose, California-based company is one of the largest mainstream financial companies to allow people access to cryptocurrencies, with over 403 million active accounts worldwide.

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.

The company thought that entering the new asset class, it would boost the global use of virtual coins and prepare its network for new digital currencies that corporations and central banks might produce.

"We are committed to continuing to engage closely with regulators in the UK and throughout the world to offer our support— and to help shape the role.

In the future of global finance and commerce, digital currencies will play an important role "PayPal's vice president and general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, said in a statement.

PayPal's service in the UK will compete with established cryptocurrency exchanges like Coinbase Global Inc (COIN.O) and fintech startups like Revolut.

Customers will be able to buy bitcoin, ether, litecoin, and bitcoin cash using their PayPal wallets, which will be available both online and on the mobile app.

In the face of soaring cryptocurrency prices, more traditional financial businesses have begun to provide their clients, both consumers, and institutions, access to digital assets.