PayPal has announced that cryptocurrency trading is now available in the United Kingdom, with consumers able to “buy, hold, and sell” Bitcoin, Ethereum, BitcoinCash, and Litecoin using their PayPal accounts. Users will also get access to real-time bitcoin prices and educational content.
Customers with verified accounts, on the other hand, will be allowed to trade cryptocurrency. This is the first time PayPal has offered cryptocurrency trading outside of the United States, where the service was launched in November 2020.
All qualified PayPal clients in the UK can now buy, hold, and trade cryptocurrencies such as Bitcoin, Ethereum, BitcoinCash, and Litecoin, according to the business.
PayPal revealed plans to enter the British crypto industry in late August and began rolling out services soon after. This most recent tweet is the result of that procedure.
During the previous announcement, PayPal Vice President and General Manager of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, said the company’s global reach and digital payments expertise give it a “unique opportunity” to help people in the United Kingdom learn about cryptocurrency.
“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,” he stated.
PayPal clients in the United Kingdom will now be able to fund crypto transactions with their bank account or debit card, and they will be able to purchase any of the four virtual currencies for as low as one euro.
According to a PayPal representative, the American multinational is dedicated to working closely with British regulators to help shape the role of digital currencies in the global financial system.
According to PayPal, the platform has approximately 375 million daily active users and 30 million merchants. While there is no price for holding cryptocurrencies, the company does charge customers for payments and currency exchanges.