PayPal crypto services now available in the United Kingdom
By Bob Garcia
PayPal announced today that users in England, Wales, Scotland, and Northern Island can now buy, sell, and hold cryptocurrency. The company first launched cryptocurrency trading to American clients in October 2020 thanks to a partnership with Paxos Trust Company, but the United Kingdom launch is PayPal’s first foray into the international crypto space.
Jose Fernandez da Ponte, PayPal VP and GM for blockchain, crypto, and digital currencies said, “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.”
At launch PayPal users in the UK will be able to buy, sell, and hold bitcoin, as well as ether, bitcoin cash, and litecoin through the PayPal mobile app and website. Although US PayPal users can also use crypto to shop at millions of merchants, this feature isn’t currently available to US PayPal users.
Jose Fernandez da Ponte noted, “We definitely have ambitions to continue to expand the product range in the U.S., the U.K. and other markets.” He added, “We are very deliberate about starting with initial functionality, and then we’ll see where the market is going to take us. Different markets have different appetite for products.”
PayPal customer who already have a digital wallet can get started with crypto for as little as £1. The company’s crypto portal also offers real-time price tracking and educational resources.
For more information about using crypto with PayPal, visit paypal.com.