PayPal offers cryptocurrency trading to users in the UK
PayPal offers cryptocurrency trading to users in the UK
PayPal now allows its users in the UK to invest in cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum and Litecoin. Users can invest as little as £1 into their chosen cryptocurrency and quickly look at the current value of each currency using the PayPal app.
At this time, PayPal UK users are unable to use their cryptocurrency to purchase items from retailers. While PayPal US offers users a “Checkout with Crypto” option, the same option is not available in the UK.
Holding a cryptocurrency in your Paypal account will not incur any fees, though transaction fees and conversion fees will be part of Paypal’s structure for buying and selling cryptocurrencies.
PayPal (NASDAQ: PYPL) today announced the launch of a new service enabling its customers in the UK to buy, hold and sell cryptocurrency with PayPal. This new service starts rolling out this week.
Customers can choose from four types of cryptocurrencies—Bitcoin, Ethereum, Litecoin and Bitcoin Cash. By accessing their PayPal account via the website or the mobile app, they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.
This announcement marks the first international expansion of the company’s cryptocurrency offering outside of the United States. With a trusted brand like PayPal now making an entry, access, knowledge, and the exploration of cryptocurrency has the potential to become mainstream in the UK.
Paypal’s cryptocurrency system isn’t without its restrictions. Users cannot move their cryptocurrencies out of their PayPal wallets without first converting them to fiat currencies. This means that Paypal users cannot move their currencies to external wallets. This is a big deal because PayPal’s UK users cannot buy anything with their crypto either.
As it stands, all that PayPal UK offers is the ability to their UK users to speculate using the cryptocurrency market. They can buy, sell, and convert crypto and nothing else.
You can join the discussion on PayPal offering UK users the ability to buy, sell, and hold cryptocurrencies on the OC3D Forums.
