PayPal To Bring Its Crypto Buying, Selling, & Holding Services To UK Users
Image via PayPal
PayPal has just announced that it is launching its cryptocurrency service in the UK, allowing users to buy, hold, and sell digital currencies. After first launching in the US last year, the UK marks the first country that the service is expanding into.
There are four types of cryptocurrencies available—Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Customers can view real-time prices via the PayPal mobile or desktop app, as well as access educational content regarding crypto as a whole.
Integrating the option to use its pre-existing app makes crypto more accessible to everyone, as it has always been seen as a more specialized offering to a market of users who are already proficient in it.
“Having that on a platform like ours makes a really good entry point,” says Jose Fernandez da Ponte, General Manager of Blockchain, Crypto and Digital Currencies at PayPal.
“The pandemic has accelerated digital change and innovation across all aspects of our lives,” da Ponte states. The “digitization of money and greater consumer adoption of digital financial services” is cited as one of them in the news release.
He also tells CNBC that the service has been doing “really well” in the US, and that the company expects that it will also find success in the UK. The crypto offering comes as a result of a partnership with Paxos Trust Company, a US-based digital currency company.
The minimum amount required to purchase crypto starts from as little as £1 (US$1.36), and the option can be accessed through the app.
The service starts rolling out this week and will be available to all eligible customers in the coming weeks. It will feature #Bitcoin, #Ethereum, #BitcoinCash and #Litecoin directly within the PayPal digital wallet. Details here: https://t.co/zdvT4AwXit
— PayPal UK (@PayPalUK) August 23, 2021
[via CNBC, image via PayPal]
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