This week marks the much-anticipated PayPal cryptocurrency service launch in the UK, the first after the launch in the US.
PayPal launched its cryptocurrency service in the United States in October 2020. Since then, the UK market signifies the first market expansion on crypto services since the US. From this week onwards, British clients can hold and exchange crypto transactions through the online payment company.
General blockchain manager for PayPal Jose Fernandez da Ponte stated that expectations are that the service has gone incredibly well in the US and the same is expected for the UK.
Apart from allowing users to purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) from starting from £1, it also enables users to find additional educational content and real-time tracking of trading prices.
The crypto transactions on PayPal are being facilitated through US-based regulated digital currency firm Paxos, where pertinent regulators in the UK have been consulted prior to the launch.
The new crypto service available to UK users has similarities with Revolut, the UK-based financial technology company. While Revolut is in the testing phase of applying a feature through which customers can withdraw Bitcoin (BTC) in their own wallets, holdings cannot be moved outside PayPal.
Easy access is what PayPal is opting for, given the vast level of complexity regarding the ability to access cryptocurrencies before. The volatility of the crypto industry and the lack of regulation has not been enough reason for titans such as Facebook, Visa, Mastercard, and Tesla among others to keep crypto-related projects at arm’s length.
Also read: How to Buy Bitcoin with Paypal? – A Step-By-Step Guide!