PayPal Allows UK Customers to Trade in Cryptocurrencies via Its Platform

PayPal first began offering cryptocurrency trading on its platform in the US.

PayPal Allows UK Customers to Trade in Cryptocurrencies via Its Platform

PayPal first announced plans to move into the British crypto market in August

  • PayPal says it has over 375 million daily active users
  • It is now offering crypto trading services in the UK, after US
  • PayPal says only verified customers will be able to avail of the services

PayPal has announced that it has completed its launch of cryptocurrency trading on the platform in the United Kingdom and customers in the country can now “buy, hold and sell” Bitcoin, Ethereum, BitcoinCash, and Litecoin from their accounts. Users will also be able to access real-time prices and educational content related to cryptocurrency. However, crypto trading will only be available to customers with verified accounts. This is the first expansion of crypto trading on PayPal outside the US, where the service was launched in November 2020.

The company said that all eligible PayPal customers in the UK can now buy, hold, and sell cryptocurrencies including Bitcoin, Ethereum, BitcoinCash, and Litecoin.

In late August, PayPal announced plans to move into the British crypto market and soon began rolling out the services. This latest tweet is a culmination of that process. During the previous announcement, Jose Fernandez da Ponte, PayPal Vice President and General Manager of blockchain, crypto, and digital currencies, said the company's global reach and digital payments expertise provide it a “unique opportunity” to help people in the UK to explore 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 said.

The British customers of PayPal will now be able to fund crypto purchases using their bank account or debit card and can buy any of these four virtual currencies for as little as 1 euro.

The PayPal official said the American multinational is committed to working closely with British regulators to meaningfully contribute to shaping the role of digital currencies in the global financial system.

PayPal says it has over 375 million daily active users and 30 million merchants on the platform. While the company does not charge any fee for holding cryptocurrency, it is charging users for transactions and currency conversions.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

(Except for the headline, this story has not been edited by NDTV staff and is published from a press release)

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