PayPal announced that eligible customers in the United Kingdom are now able to buy and sell several different digital currencies.
Global payment service PayPal has announced that eligible users in the United Kingdom are now able to buy, sell and hold cryptocurrencies via PayPal’s service. At launch, PayPal will sell Bitcoin, Ether, Litecoin, and Bitcoin Cash to users with verifiable identities. The announcement fulfills PayPal’s pledge in August 2021 to move crypto in the British market. This is the first location outside of the United States that PayPal has offered the ability to purchase cryptocurrency. As they do in the U.S., PayPal says they will continue to use Paxos to facilitate the transactions and holding of said digital assets.
In a tweet announcing the rollout, PayPal said “We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.”
PayPal expanding currency crypto services
The move to the United Kingdom comes after PayPal found success introducing digital currency trading to the U.S. market. In the states, customers of PayPal can buy and sell along with utilizing the service’s cryptocurrency checkout feature. As it sounds, the feature allows PayPal users to buy goods and services online using their cryptocurrency assets. Holdings first converted to USD at checkout without incurring any additional fees. If you are working in any currency other than USD, fees will apply. At launch, the service included more than 29 million merchants with whom one could purchase goods with digital currency.
Vice President and General Manager of Blockchain, Crypto and Digital at PayPal Jose Fernandez de Ponte said in a statement that “the pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitization of money and greater consumer adoption of digital financial services.” Mr. de Ponte added that “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.”
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