Home - Blockchain - PayPal Extends its Cryptocurrency Services to the United Kingdom

George Spencer

August 24, 2021

PayPal Extends its Cryptocurrency Services to the United Kingdom

PayPal just announced that it’s expanding its cryptocurrency services for customers in the United Kingdom, which will support four kinds of cryptocurrencies and allow users to track crypto prices in real-time. The four currencies are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

The same service was extended to the US customers almost a year ago and just like in the US, the service will allow users to sell, hold and buy the four supported cryptocurrencies with purchase amounts starting at £1.

Transaction fees starts from £0.5 for amounts up to £25. For amounts higher than that, PayPal will take transaction fees spanning from1.5 percent to 2.3 percent. The rest of the press release and the main crypto page focuses on educating users about crypto and warning about its risks. Users can also track cryptocurrency prices via the PayPal app and access all kinds of info regarding risks and opportunities.

PayPal have high hopes that the service to do really well in the United Kingdom, like it has been doing in the U.S. The demand for cryptocurrency products has multiplied by ten folds. This is because the company puts growing importance on easing the way of customers into crypto. The service in the U.K. will begin rolling out later this week.

PayPal blockchain, crypto and digital currencies VP and GM Jose Fernandez da Ponte wrote and it’s quoted: “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. 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 U.K. 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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Paypal’s going to keep using Paxos as one of their key partners to offer this service. Paxos, a regulated cryptocurrency company based in NYC, have already contacted regulators in the U.K. regarding this service, to ensure they are in compliance with the law.

Paypal isn’t only limiting itself to offering investment services to its customers, it is also shifting its service to offer cryptocurrency payment processing. On March 30, the company announced it had launched a new service called Checkout With Crypto. The service enables users to make crypto payments at millions of online stores.

In any case, the payment processor giant still functions as a closed network. That means it doesn’t allow its customers to withdraw purchased cryptocurrencies to third-party wallets; something that has earned them a ton of criticism from bulls around the world.

Either way, the anticipated service to be launched is a positive news and we can’t wait to see how incredible it’ll do.