PayPal’s cryptocurrency trading services are now fully available in the UK.
They began rolling out the services last month, but announced via Twitter on Friday that all eligible customers in the UK can begin trading cryptocurrencies using their PayPal accounts. Customers are able to buy, hold, and sell four of the major cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
By accessing a PayPal account via the website or the mobile app, customers can view real-time crypto prices, access educational content to help answer FAQs, and learn more about cryptocurrencies, including the opportunities and risks.
These services will only be available to PayPal customers with verified identities.
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Breaking In To The British Cryptocurrency Market
PayPal previously only provided cryptocurrency trading services in the US, which were introduced in November 2020. In March 2021, they announced ‘Checkout with Crypto’ – enabling customers in the U.S. to use their cryptocurrency alongside other payment methods in their PayPal wallet, to make purchases at businesses around the world. In April 2021, the company introduced crypto services on its mobile payment service Venmo in the U.S.
They announced their plans to move into the UK cryptocurrency market in August, and began a partial rollout of services. This move into the UK market marks the first expansion of PayPal’s cryptocurrency services beyond the US.
With a trusted brand like PayPal now making an entry into the world of cryptocurrencies – and providing information about crypto trading – there’s a strong potential for cryptocurrencies to become mainstream in the UK.
Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal, commented:
“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.”
Buy, Hold, and Sell Cryptocurrency with PayPal
PayPal’s introduction of crypto trading offers customers a new way to explore cryptocurrency in the PayPal environment that they know and trust. Customers can start by buying as little as £1 of cryptocurrency through PayPal. To purchase cryptocurrency, eligible customers can log into their PayPal account via the website or their mobile app, navigate to the new crypto tab to view the four cryptocurrencies available – BTC, BCH, ETH, LTC – and view current pricing and trends.
Customers 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 cryptocurrency with PayPal’s new service, funds are normally available quickly to spend in their PayPal account. 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.
Educate and Enable Access with PayPal
As part of this offering, PayPal provides verified account holders with educational content to help them understand the cryptocurrency ecosystem. This includes the volatility, risks, and opportunities related to purchasing crypto. PayPal encourages its customers to do their own additional research on the risks and opportunities for various cryptocurrencies before taking the step to buy, hold and sell cryptocurrency with PayPal.
Advancing the Next Generation of Financial Services Infrastructure
In addition to providing cryptocurrency trading services, PayPal has been exploring the potential of digital currencies. They have partnered with licensed and regulated cryptocurrency platforms and with central banks around the world. For the past five years, PayPal has increased its focus on, and invested resources in, its internal blockchain research team. They are exploring the next generation of digital financial services infrastructure and enhancements to digital commerce.
In the UK, PayPal’s new crypto offering which covers buying, holding and selling cryptocurrency will start to roll out this week and will be available within the next few weeks for all eligible customers directly in their PayPal account via the website and their mobile app.