PayPal – one of the world’s largest payment processors – will now allow UK customers to buy, hold and sell cryptocurrency
The cryptocurrency service, which launched in the United States in October 2020, will allow UK citizens to purchase cryptocurrency and keep it in their PayPal accounts. This will be PayPal’s first foray into offering cryptocurrency services outside the United States.
PayPal will allow UK customers to choose from four types of cryptocurrency – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash – which can be purchased using a connected bank account or debit card.
Customers can start by purchasing as little as £ 1 of cryptocurrency through PayPal. No fees will be charged for holding cryptocurrencies in an account, but there are transaction fees and currency conversion fees. In total, PayPal users will be able to buy or sell up to £ 35,000 of crypto per year, or £ 15,000 in a single transaction.
“The pandemic has accelerated digital change and innovation in all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, vice -President and Managing Director, Blockchain, Crypto and Digital Currencies at Pay Pal. “Our global reach, digital payments expertise and knowledge of consumers and businesses, combined with rigorous security and compliance controls, provide us with the unique opportunity and responsibility to help people in the UK to explore cryptocurrency. We are committed to continuing to work closely with regulators across the UK and around the world to offer our support and significantly contribute to shaping the role that digital currencies will play in the future of global finance and commerce. . “