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PayPal users in the UK can now buy, hold and sell cryptocurrency

Aug 26, 2021

That’s the first international expansion of PayPal’s cryptocurrency service beyond the US

PayPal

PayPal users in the UK can now buy, hold and sell cryptocurrency. Source:?shutterstock.com

PayPal has launched a new service enabling its customers in the UK to buy, hold and sell Bitcoin and other cryptocurrencies.

According to the press release, customers can choose from 4 types of cryptocurrencies – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

This way, by accessing their PayPal account, they can view real-time crypto prices, access educational content to help answer FAQs, and learn more about cryptocurrencies.

The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services. Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. 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, Blockchain, Crypto and Digital Currencies at PayPal

PayPal customers can start by buying as little as ￡1 of cryptocurrency. To purchase cryptocurrency, eligible customers can log into their account via the website or their mobile app, navigate to the new crypto tab to view the four cryptocurrencies available, and view current pricing and trends.

They can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice.

Customers will be able to fund their PayPal account for the purchase using their bank account or debit card. If customers choose to sell crypto, funds are normally available quickly to spend in their PayPal account.

The company states there are no fees to hold cryptocurrency in a PayPal account. However, there are transaction fees and currency conversion fees for buying and selling applicable cryptocurrencies.

We’ve reported that the linking platform teamed up with PayPal to enable direct payments.

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