PayPal has introduced a new service in the UK that will enable British customers to buy, hold and sell cryptocurrencies.
The service, scheduled to start rolling out from this week, marks first international expansion of PayPal’s cryptocurrencies services outside the US.
PayPal cryptocurrency service: Details
The service will support four cryptocurrencies—Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
To use the service, eligible customers can login to into their PayPal account via the website or mobile app.
The crypto tab will enable them to view four cryptocurrencies, current pricing and trends. They can purchase assets for as little as £1.
The service also includes educational content to help users to learn about cryptocurrencies as well as associated opportunities and risks.
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Customers can use their bank account or debit card to make purchases. If they choose to sell crypto, the funds will be available in the PayPal account.
No fees will be charged for holding cryptocurrencies.
PayPal Blockchain, Crypto and Digital Currencies vice-president and general manager Jose Fernandez da Ponte said: “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.
“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.”
Last month, PayPal reported a 19% year-on-year net revenue growth in Q2 2021. The increase was attributed to increased digital spending due to Covid-19 pandemic.