UK citizens can now buy, sell and store cryptocurrencies using PayPal. These features became available to them on August 23.
August 23, 2021, | AtoZ Markets – For the first time, payment company PayPal came out with a cryptocurrency offering outside the US market, providing access to the service to users from the UK.
Today, we are announcing the launch of a new service that will enable eligible customers in the UK to buy, hold and sell #Cryptocurrency directly from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr— PayPal UK (@PayPalUK) August 23, 2021
PayPal began exploring the cryptocurrency space in October last year, offering its US customers the ability to buy, sell and store Bitcoin, Ether, Litecoin, and Bitcoin Cash.
PayPal partners with Paxos to provide UK crypto services
As in the US, the company provided access to cryptocurrencies in partnership with Paxos. Withdrawing cryptocurrencies from PayPal to third-party wallets is still not possible, but the company says it is working on it.
Investments are available from £1 or $1. British clients will not be able to invest more than £15k per week and £35k per year. In the US, the limit is $100,000 per week.
On the cryptocurrency service, PayPal earns from fees charged to users. For transactions over a thousand dollars in the United States, customers have to pay 1.5%, while purchases under $25 are subject to a 50 cents charge.
The manager of the cryptocurrency department of PayPal, Jose Fernandez da Ponte, noted that one of the main motivations for the creation of such a service was the “digitalization of money” during the pandemic.
“Our global reach, digital payments expertise and consumer knowledge, coupled with robust security and compliance measures, have given us the unique opportunity and responsibility to help people in the UK embrace the cryptocurrency space,” he added.
Connecting UK PayPal customers to cryptocurrencies kicks off this week and is expected to be completed within a few weeks. To take advantage of the offer, the client must have a verified account.
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